Core Insights - BlackBerry is implementing job cuts as part of its strategy to achieve profitability after a challenging year, with the cybersecurity division expected to be the most affected [1][2] - The company has previously laid off 200 workers in the last quarter, primarily from its cybersecurity division, and is now planning further layoffs as it separates its Internet of Things (IoT) and cybersecurity businesses into standalone divisions [2] - The layoffs are projected to generate annualized savings of approximately $27 million, alongside an additional $8 million from other cost-saving measures, contributing to a total expected reduction in operating costs of up to $50 million [2] Financial Performance - BlackBerry's stock has been underperforming, recently hitting a multi-year low after the announcement of $160 million in convertible senior notes, indicating ongoing financial struggles [3] - The company faces significant challenges due to rising competition and a difficult economic environment, which complicates its path to recovery despite the cost-cutting measures [3] Future Outlook - There is skepticism regarding whether the job cuts will lead to meaningful growth for BlackBerry, as the company has struggled to regain momentum in recent months [1][3] - The separation of its IoT and cybersecurity businesses is seen as a critical move, but the effectiveness of this strategy in driving future growth remains uncertain [2][3]

BlackBerry Ltd. said Monday that it plans to cut more jobs in its cybersecurity business as part of the company’s push toward profitability. The cuts are a major piece of BlackBerry’s BB, +0.36% ongoing plans to separate its Internet of Things and cybersecurity businesses as standalone divisions and reduce annual costs by about $50 million. The actions are largely focused on the cybersecurity business and approximately 200 layoffs that will generate annual savings of around $27 million. As part of the ...

Significant steps taken towards positive cashflow Company is targeting $100 million of annualized net profit improvements, through a combination of cost reductions and margin expansion. This is in addition to $50 million of annualized cost saving actions disclosed in prior quarter Actions to achieve approximately $55 million of the $100 million annualized target have been identified and are being implemented in the current quarter Company continues to expect sequential improvements to operating cash flow u ...

WATERLOO, ON, Feb. 9, 2024 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) today announced its participation at the following investor conferences: Wolfe Research Global Auto and Auto Tech Conference – Thursday, February 15, 2024, at 2:15pm ETJohn Wall, Senior Vice President and Head of BlackBerry QNX and Tim Foote, Chief Financial Officer, Cybersecurity Business Unit and Head of Investor Relations, will join Shreyas Patil, Wolfe Research, for a fireside chat. Register here for the live video stream. ...

Director Prem Watsa to resign from BoardWATERLOO, ON, Feb. 8, 2024 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) announced today that it has appointed IoT technology veteran Philip Brace to its board of directors, effective February 8, 2024.  Mr. Brace will serve as a member of the Compensation, Nomination and Governance Committee of the Board. "We are delighted to welcome Phil to the BlackBerry board," said Dick Lynch, Board Chair. "Phil brings deep business acumen and a wealth of relevant experie ...

While meme stocks continue to exist, their heyday appears behind us. Many of the best-known meme stocks that ran up the most in 2021 at the peak of the last market frenzy are now a pale shadow of their former selves. They’re trading at a fraction of the price they were at when retail investors executed a coordinated short squeeze on the securities. Several meme stocks trading north of $100 per share are now penny stocks. Some have lost 99% of their value. It’s a sad outcome that resulted when the investors ...

BlackBerry (BB 1.71%), a tech and telecom stock with quite an up-and-down history, was trading in one of its valleys over the past few days. According to data compiled by S&P Global Market Intelligence, the Canadian company's share price had eroded by 13% week to date as of Friday early morning. Much of the decline occurred on Wednesday, when the company announced a new financing measure.$175 million worth of convertible senior notes soldBlackBerry revealed that day that it is floating $175 million worth of ...

WATERLOO, Ontario, Jan. 24, 2024 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) ("BlackBerry") announced today the pricing of its private offering of $175 million aggregate principal amount of its 3.00% Convertible Senior Notes due 2029 (the "notes") at an approximately 32.50% conversion premium to the closing share price of $2.93 on The New York Stock Exchange on January 24, 2024. The notes were offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule ...

For many tech stocks, it’s been a solid start to the year. However, for certain beaten-down legacy companies like BlackBerry (NYSE:BB), intense selling pressure continues. Today’s decline of more than 17% in BB stock this afternoon is indicative of the momentum this security software company has seen in recent years.Yes, there was a massive pop during the meme mania, which took many popular stocks higher in short order. But overall, the longer-term trend has been down and to the right for this stock. Accord ...

WATERLOO, ON, Jan. 23, 2024 /PRNewswire/ -- BlackBerry Limited (NYSE: BB; TSX: BB) ("BlackBerry") announced today that it intends to offer, subject to market and other conditions, $160 million aggregate principal amount of Convertible Senior Notes due 2029 (the "notes") in a private offering. The notes will be offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and pursuant to prosp ...