Why Ericsson Shares Are Rising After BlackBerry Earnings
Portfolio Pulse from Henry Khederian
Shares of Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) are trading higher by 3.88% to $5.35 in sympathy with BlackBerry Ltd, which reported better-than-expected Q1 FY2024 results. BlackBerry's Cybersecurity business unit achieved sequential revenue and billings growth, with total company revenue of $373 million, IoT revenue of $45 million, and Cybersecurity revenue of $93 million. BlackBerry's total cash and investments increased by $91 million to reach $578 million.
June 29, 2023 | 1:32 pm
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Ericsson's stock price is rising in response to BlackBerry's strong Q1 FY2024 results. The positive performance of BlackBerry, particularly in its Cybersecurity unit, is likely influencing investor sentiment towards Ericsson.
Ericsson's stock price is rising in sympathy with BlackBerry's strong earnings report. This suggests that investors are viewing Ericsson more favorably due to the positive performance of BlackBerry, a company in a similar sector. The strong performance of BlackBerry's Cybersecurity unit, in particular, may be influencing investor sentiment towards Ericsson, which also operates in the technology sector.
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