BlackBerry records 60% stock surge in 2023 amid restructuring

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BlackBerry’s stock has increased by 60% this year, with a further 30% gain expected in May 2023.

It intends to revamp its business portfolio, with cybersecurity and the Internet of Things (IoT) taking precedence. With Cybersecurity now accounting for around 60% of its income, while IoT accounts for approximately 35%, with the rest revenue coming through licensing.

BlackBerry’s cybersecurity income has been declining, falling from $2.16 billion in 2016 to $656 million in 2023. The corporation now anticipates a 5% growth the following year. The Internet of Things (IoT) market, on the other hand, has been a net positive for the company, with a 16% increase in revenues in the most recent quarter. Profit margins in the IoT industry exceed 80%.

BlackBerry’s management is confident about the IoT segment’s future growth. During the Q4 2023 earnings call, the business forecast a 20% revenue rise for fiscal year 2024, owing principally to the resolution of problems in the global automotive sector.

The sources for this piece include an article in Yahoo.

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