What’s Going On With BlackBerry Shares Today?

BlackBerry Limited (NYSE:BB) shares are trading higher on Friday.

On April 3, the company reported fourth-quarter FY24 results. Revenue of $173 million came better than $151 million a year ago, beating the consensus of $154.8 million.

According to Benzinga Pro, BB stock has lost over 35% in the past year. 

‚ÄúDespite industry delays to automotive software development programs, our IoT division delivered its strongest ever quarter for revenue, as well as its best year for adding new QNX royalty backlog from design wins that resulted in 27% year-over-year growth to approximately $815 million,‚ÄĚ said John J. Giamatteo, CEO, BlackBerry.¬†

IoT revenue reached an all-time quarterly record of $66 million, up 25% Y/Y, and Cybersecurity revenue rose 5% Y/Y to $92 million.



Adjusted gross margin expanded to 75% from 67% a year ago, with IoT gross margin remained flat Y/Y at 85%. Cybersecurity ARR increased 3% Q/Q to $280 million.

Last month, the company expanded its partnership with TTTech Auto to address the growing complexity challenges of software-defined vehicles.

The partnership will facilitate integration of QNX Operating System (OS) 8.0 with TTTech Auto’s scheduling solutions in a certified product.

‚ÄúThe combination of rapid advancements in silicon chip performance, increasing system integration and interdependency, and growing software complexity is creating a pressure cooker environment for SDV manufacturers,‚ÄĚ said John Wall, SVP and head of QNX at BlackBerry, in a press release dated March 7.

For first-quarter of FY25, BlackBerry sees revenue of $130 million ‚Äď $138 million and adjusted EPS of $(0.04) ‚Äď $(0.06).

On February 22, BlackBerry and the SANS Institute announced a new partnership in Malaysia. The parties intend to provide SANS training courses via the upcoming BlackBerry Cybersecurity Center of Excellence (CCoE) in Kuala Lumpur.

Recently, the company was in the headlines for announcing its plans to reduce additional positions within its cybersecurity business, which will likely save about $27 million annually, alongside $8 million from other non-headcount actions. 

To streamline its cost structure further, BlackBerry has withdrawn from six of its 36 worldwide office sites to decrease general and administrative expenses, including one in San Ramon, California. 

Price Action: BB shares are trading higher by 1.04% to $2.91 premarket on the last check Friday.



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