Why BlackBerry Shares Are Gaining Today
Portfolio Pulse from Nabaparna Bhattacharya
BlackBerry Limited (NYSE:BB) shares are up due to the opening of a Cybersecurity Center of Excellence in Kuala Lumpur, officiated by notable figures including the Prime Minister of Malaysia. The center aims to combat cyber threats in the Indo-Pacific and address Malaysia's cybersecurity professional shortage with training and certifications. This move comes amidst BlackBerry's recent partnership with the SANS Institute and plans to reduce positions within its cybersecurity business for annual savings. Despite a year-over-year stock decline of over 30%, BlackBerry beat Q3 revenue expectations and is set to report Q4 results soon.
March 26, 2024 | 5:10 pm
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BlackBerry's stock is up following the inauguration of a Cybersecurity Center in Kuala Lumpur, aimed at addressing cyber threats and professional shortages. This positive development comes amidst a challenging year and strategic restructuring.
The opening of the Cybersecurity Center of Excellence by BlackBerry is a significant strategic move, likely to enhance its reputation and market position in cybersecurity, especially in the Indo-Pacific region. This, combined with beating Q3 revenue expectations and strategic partnerships, presents a positive outlook for the company, potentially offsetting the negative impact of its recent workforce reduction announcement. The stock's positive movement reflects investor optimism about these developments.
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