BlackBerry Ltd. (NYSE:BB) saw its stock soar 5.31% in pre-market trading on Thursday, following the company's successful divestment of its unprofitable Cylance cybersecurity business to Arctic Wolf.
The divestment move, which saw BlackBerry sell Cylance for $160 million after acquiring it for $1.4 billion in 2019, was welcomed by investors as it removes a significant financial burden from the company. BlackBerry had previously warned that Cylance was expected to lose $51 million in 2024.
With the divestment, BlackBerry can now focus on its core software and autonomous vehicle businesses, where it sees greater growth potential. The company's CEO, John Giamatteo, expressed satisfaction with the deal, stating that BlackBerry will continue to engage with Arctic Wolf as a customer and reseller while remaining a shareholder.
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