Blackberry (TSX:BB)(NYSE:BB) stock fell 3% on February 23. The Waterloo-based company provides intelligent security software and services to enterprises and governments around the world. Its shares have plunged 32% so far in 2022.
The company was outmuscled in the hardware space and made the transition to software over the past decade. It now boasts promising footprints in fast-growing sectors like automated vehicle software and cyber security. Both industries are geared up for big growth going forward.
Investors got to see Blackberry’s third quarter fiscal 2022 earnings on December 21, 2021. In Q3 fiscal 2022, total revenues rose to $184 million compared to $175 million in the previous year. Meanwhile, it posted operating income of $51 million compared to an operating loss of $141 million in the third quarter of fiscal 2021.
In the year-to-date period, Blackberry posted revenue of $533 million – down from $683 million in the first nine months of fiscal 2021. Meanwhile, it posted an operating loss of $148 million. This is an improvement from the operating loss of $794 million it had reported in the first nine months of fiscal 2021.
Blackberry is still a stock worth targeting considering its exposure to these promising sectors. Shares of Blackberry last had an RSI of 25 as of close on February 23. That puts this top tech stock in technically oversold territory. This is well worth monitoring, especially considering the volatile period we’re passing through.
