Why BlackBerry Shares Are Gaining Today
Portfolio Pulse from Nabaparna Bhattacharya
BlackBerry Limited shares are rising after the company announced profitability details for its IoT and Cybersecurity divisions, and strategic options for its Cylance business. BlackBerry projects FY25 cyber revenues between $350 million and $365 million, and expects to return to positive cash flow in the fourth quarter. The company has also achieved $100 million in cost reductions in the Cyber division over the last year.
October 16, 2024 | 5:35 pm
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POSITIVE IMPACT
BlackBerry shares are up 5.6% after announcing profitability plans for its IoT and Cybersecurity divisions, and exploring strategic options for Cylance. The company projects FY25 cyber revenues between $350M and $365M, and expects positive cash flow in Q4.
The announcement of profitability plans and strategic options for Cylance has positively impacted BlackBerry's stock price. The projected revenues and expected return to positive cash flow are seen as positive indicators of the company's financial health, leading to a 5.6% increase in share price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100