BlackBerry is sparking interest again

Following BlackBerry’s release of its first-quarter financial results, stocks surged by 10.9% last Thursday.

As BlackBerry shifted away from its traditional software licensing business, its revenue has declined by 32% year after year to $175 million.

However, the Canadian firm has gained interest again through its AI-powered cyber security and Internet of Things businesses. Sales in these areas have seen $120 million and $40 million respectively, with gross margins of 59% and 83%.

“The cybersecurity business unit delivered robust sequential billings and revenue growth and the IoT business unit performed well in the face of global chip shortage pressure,” CEO John Chen said in a press release.

The company has recently hired John Giametteo to head up the division. He says that the threat of cyberattacks has never been higher, “nor more in the minds of management.” Adding, “BlackBerry’s AI-driven, prevention-first technology is well placed to scale to meet the constantly evolving cybersecurity needs of companies everywhere.”