December 11, 2023 4:48 PM | 1 min read
- BlackBerry sinks on news that the company will fully separate its IoT and Cybersecurity businesses.
- The company also announces that it will no long pursue a subsidiary IPO of its IoT business.
BlackBerry Limited BB on Monday named a new CEO, announced it will fully separate its IoT and Cybersecurity businesses and will no long pursue a subsidiary IPO of its IoT business.
What To Know:
On Monday, the company announced that John J. Giamatteo was appointed as the new CEO and as a member of BlackBerry’s Board of Directors, effective immediately.
Additionally, the company stated that the IoT and Cybersecurity business units will become standalone divisions of company. The company said it will no longer pursue a subsidiary IPO of IoT business.
Monday’s news comes ahead of the company’s third-quarter earnings, to be released on Dec. 20. BlackBerry is expected to report quarterly losses of three cents per share and revenue of $172.36 million.
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BB Price Action: Shares of BB closed down 0.49% at $4.10, according to Benzinga Pro.
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