Here’s Why BlackBerry Is Up This Week
BlackBerry Ltd (NYSE:BB), founded in 1984, specializes in enterprise software, Internet of things, and wireless communications solutions. The company, once famous for its smartphones, transformed itself over the years to become a leading player in the software space, with a special focus on cybersecurity solutions.
The Canadian company’s shares did not gain much value for the most part of 2020. However, the stock came into the limelight last month after striking a multi-year agreement with e-commerce giant Amazon for developing and marketing its intelligent vehicle data platform called IVY.
The two companies said in a joint statement back then that IVY will offer cloud-connected software that would enable carmakers to interpret automobile’s sensor data, which will help them in improving vehicle’s performance by deploying new features and services. Moreover, IVY will help automakers to collaborate with developers for designing apps and services.
BlackBerry shares jumped nearly 20 percent on December 1, the day it announced the collaboration with Amazon. Some industry experts believe that the partnership could open up a massive addressable market, as an increasing number of automakers equip their cars with cloud-computing technologies.
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The company once again caught investors' attention on Thursday after its stock skyrocketed over 22 percent in the previous trading session. There was no apparent reason behind the latest surge, though some are linking it with the company’s recently disclosed move of selling 90 smartphone technology patents to China-based Huawei.
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Separately, BlackBerry announced this week that it has resolved its longstanding patent dispute with Facebook. The details of the settlement were not revealed. The news sent BlackBerry shares up more than 12 percent in the mid-day trading Friday. Overall, BB stock value has increased more than 57 percent so far this year, including today’s gain.
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Disclosure: No positions. This article is originally published at Insider Monkey.
