Canada’s BlackBerry Ltd. beat Wall Street estimates for second-quarter revenue on Wednesday amid strong demand for its cybersecurity and Internet of Things software products. Firms such as BlackBerry are benefiting from an uptick in demand for cybersecurity and IoT products as more businesses and government organizations shift their operations to the cloud in order to support hybrid working. As a result, the company was able to offset weakness from sluggish demand for its QNX software from automakers like Volkswagen, BMW, and Ford Motor, as the auto industry struggled to maintain production amid a persistent chip shortage crisis. BlackBerry was dubbed a “meme stock” after a social media driven retail trading frenzy that began earlier this year sent its shares soaring. BlackBerry’s stock has surged 40 percent so far this year. However, the company warned that a drop in automobile production volumes due to COVID-19 closures and chip shortages will continue …
BlackBerry Beats Quarterly Revenue Expectations on Cybersecurity Boost
September 24, 2021
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