BlackBerry Names New CEO, Will Pursue Full Separation of IoT and Cybersecurity Business Units
Portfolio Pulse from Ryan Gustafson
BlackBerry Limited (NYSE:BB) has appointed John J. Giamatteo as its new CEO and announced the full separation of its IoT and Cybersecurity business units. The company has decided against pursuing a subsidiary IPO for its IoT business. This announcement precedes BlackBerry's third-quarter earnings report, expected to show quarterly losses and revenue of $172.36 million. BB shares closed down slightly at $4.10.
December 11, 2023 | 9:48 pm
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BlackBerry's appointment of a new CEO and the strategic decision to separate its business units could signal a new direction for the company, potentially affecting investor sentiment. The cancellation of the IoT IPO might be seen as a negative by investors looking forward to this event.
The appointment of a new CEO typically brings a period of uncertainty as the market assesses the new leadership's potential impact. The separation of business units could be seen as a positive restructuring effort, but the cancellation of the IoT IPO might disappoint investors who were anticipating the potential benefits of such a move. The upcoming earnings report with expected losses could also weigh on the stock price in the short term.
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