BlackBerry Limited (BB) saw its stock soar 5.01% during Tuesday's intraday trading session, outperforming the broader market. The surge can be attributed to the company's solid third quarter fiscal 2025 results and its announcement to divest the underperforming Cylance business.
BlackBerry reported strong numbers for the quarter, beating Wall Street estimates. The company reported an adjusted profit per share of 2 cents, significantly better than the expected loss of 2 cents. Revenues, while down year-over-year, came in ahead of the company's guidance, driven by a 13% increase in its core Internet of Things (IoT) segment.
Additionally, BlackBerry announced the sale of its Cylance cybersecurity business to Arctic Wolf for around $160 million. The divestiture of the underperforming unit was well-received by investors, as it will allow the company to refocus its efforts on its core Secure Communications business, including BlackBerry UEM, BlackBerry AtHoc, and BlackBerry SecuSUITE.
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