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Home News

BlackBerry to Spin Off IoT Business in IPO

by Myfxtools
October 4, 2023
in News
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Shares of BlackBerry Ltd. saw a boost in after-hours trading after the company announced plans to spin off its Internet-of-Things (IoT) business through an initial public offering (IPO).

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Shares Surge

BlackBerry’s shares climbed over 5% following a 1.8% decline earlier in the day, closing at $4.27.

Optimal Strategic Direction

In a statement released on Wednesday, BlackBerry revealed that its board concluded that separating its IoT and cybersecurity business units into two independently-operated entities is the best strategic move. The primary objective of this separation is to launch an IPO for the IoT business by the first half of the next fiscal year.

Expert Support

The company enlisted the assistance of Morgan Stanley and Perella Weinberg Partners as advisors to explore strategic alternatives for BlackBerry.

Financial Performance

BlackBerry’s recent earnings met Wall Street’s expectations, although revenue came in slightly below projections. Out of the $132 million in second-quarter revenue reported by BlackBerry, $49 million was generated from IoT, compared to $79 million from cybersecurity sales.

Note: BlackBerry operates on a fiscal year that ends in February.

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Tags: BlackBerryCybersecurityIoTIPO
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