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Stocks of BlackBerry Limited (TSX:BB) began trending on Tuesday, April 13, across North American stock markets as the company partnered with IBM Canada (IBM:US, NYSE:IBM) for the commercialization of its software platform, BlackBerry Spark ®. IBM has agreed to resell BlackBerry’s endpoint security and management software to Canadian businesses and provincial governments as a part of the deal.
BlackBerry stock was trading in the green on the Toronto Stock Exchange (TSX) as markets opened on Tuesday.
The Canadian software firm has been collaborating with different global forces to enhance its software tools, cybersecurity products and secure payment solutions amid the booming digital economy. Let us deep dive into the growing software company’s stock and financial performances.
BlackBerry Limited (TSX:BB)
After switching from hardware to software operation, BlackBerry has been gaining popularity among cybersecurity and artificial intelligence (AI) businesses. It currently has a share price of C$ 11.35, and it could gain momentum on the back of its latest collaborations.
BlackBerry has been working with Amazon Web Services (AWS) to build smart car software-based solutions. The Waterloo-based firm also introduced IVY Innovation Fund, which will offer up to US$ 50 million investment to its small and medium software businesses to bolster its data-driven electric vehicle products.
©Kalkine Group 2021
The software stock ballooned by around 36 per cent year-to-date (YTD). It has gained more than 114 per cent in the past one year, surpassing the S&P TSX Software Index, which increased by 43.81 per cent in comparison. However, BlackBerry scrip has dipped by over 22 per cent in the last one month and has dropped from this year’s record high of C$ 36 per share (January 27, 2021).
In the fourth fiscal quarter of 2021, BlackBerry’s reported loss stood at US$ 313 million, fueled by the payment towards its outstanding debt. It also posted a loss of US$ 1.97 per share.
While presenting the quarterly results, BlackBerry Chairperson and CEO John Chen said that billing gains from its Software-as-a-Service (SaaS) operations were driven by its exclusive cybersecurity software, Spark.
BlackBerry's One-Year Stock Performance Chart. (Source: Refinitiv)
BlackBerry’s one-year stock price trajectory indicates that it is still far from reaching its January high, which it had hit during the Reddit-fueled meme stock craze earlier this year.
