BlackBerry Limited (BB) stock rallied in pre-market: here’s why
BlackBerry Limited (BB) stock rallied to pre-market today after releasing second quarter FY2022 results. BB stock price surged 7.85% for reach $ 10.31 per share at the time of this writing. It looks like momentum has already been built as BB stock peaked at 2.03% at the previous close. BlackBerry Limited is the provider of intelligent security software solutions and services to governments and businesses around the world. Let’s talk about BlackBerry and its recent events.
Results for fiscal year 2022:
BlackBerry generated revenue of $ 175 million with a non-GAAP gross margin of 65% and a gross margin of 64% under GAAP. IoT revenue for the reported quarter was $ 40 million, and IoT revenue gross margin was 83% and ARR was $ 89 million. Cyber security revenue reached $ 120 million with a gross margin of 59% and ARR of $ 364 million for the current quarter. Revenue from licenses and other sources was $ 15 million with a gross margin of 60%.
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BlackBerry incurred a non-GAAP operating loss of $ 30 million and a non-GAAP operating loss of $ 141 million during the current quarter. The Company incurred an operating loss under GAAP primarily as a result of the non-cash accounting adjustment to the fair value of convertible debentures. The non-GAAP basic and diluted loss per share was $ 0.06 and the basic and diluted GAAP share was $ 0.25.
BB stock provides security for group phone calls and instant messages against eavesdropping
On September 16, 2021, BB Stock announced the development of its SecuSUITE® offer for the government. SecuSUITE® will now provide certified end-to-end encryption of instant messages and group phone calls for government institutions as well as businesses. Wiretapping attacks have increased day by day and government officials and businesses are suffering a lot for this reason. SecuSUITE® solves this problem by offering protection against identity theft, communication interception and metadata harvesting that leads to eavesdropping.
BB stock provided secure modern authentication for Microsoft 365:
On September 9, 2021, Action BB reported improved integration of BlackBerry® Unified Endpoint Manager (UEM) and Microsoft 365. The improvement will help businesses with security while using the productivity products of Microsoft. Customers will now be able to take advantage of the highly secure version of Modern Cloud Authentication. In addition, BB stock has also improved the integration between BlackBerry UEM and Azure AD to provide secure authentication and conditional access.
Better than expected, fiscal 2022 results added hype to the BB share price per share. The pandemic has shifted many businesses from offline to online modes of working, and as a result, security threats have increased over time. This is why BlackBerry’s cybersecurity business has grown and is expected to grow more in the future.