BlackBerry (NYSE:BB) stock is surging higher in this week's trading. According to data from S&P Global Market Intelligence, as of noon ET this Friday, the company's share price was up 9.7% from last week's market close.
BlackBerry's valuation is moving higher following the announcement of the company's QNX division, which specializes in advanced driver-assistance systems (ADAS) software. QNX is teaming up with Pi Square Technologies to accelerate the adoption of its software platform in India.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More »
BlackBerry stock surges on new partnership for its QNX division
QNX is offering a free, non-commercial version of its development platform in hopes of making its software a standard in the Internet of Things (IoT) and automotive software industries. By increasing the number of developers familiar with its development tools and standards, the company improves the chances that its software is adopted by businesses. Along those lines, the company has forged a new partnership with Pi Square Technologies.
BlackBerry announced the partnership with Pi Square in a press release published late Tuesday and said that the collaboration would help train thousands of software engineers in India to use QNX's platform. Pi Square will partner with hundreds of academic institutions in the country to teach the QNX Software Development Platform.
What comes next for BlackBerry?
BlackBerry's business is still in a transformational stage. The days of focusing on mobile hardware are long gone at this point, and the company has been focusing its efforts on IoT and cybersecurity. With BlackBerry recently completing the $160 million sale of its Cylance cybersecurity business to Arctic Wolf, the focus seems to be shifting even more heavily toward IoT software and services.
Last quarter, the company's revenue fell 7.4% year over year to $162 million. On the other hand, IoT revenue increased 13% on a sequential quarterly basis to reach roughly $62 million.
While BlackBerry's sales will face a tough basis of comparison this year following the sale of Cylance, the extra funds from the sale should allow the company to continue building out its IoT business and pursue potential acquisitions that could strengthen its position in the category. The stock continues to be a high-risk, high-reward play, but some pieces appear to be falling into place for the business.
Should you invest $1,000 in BlackBerry right now?
Before you buy stock in BlackBerry, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and BlackBerry wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $829,128!*
Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*.
*Stock Advisor returns as of February 7, 2025
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool recommends BlackBerry. The Motley Fool has a disclosure policy.
/Super%20Micro%20Computer%20Inc%20logo%20on%20building-by%20Poetra_RH%20via%20Shutterstock.jpg)
