BlackBerry Ltd (TSX:BB)(NYSE:BB) has dropped 17% in value over the past three months, and it could be a great time for investors to buy on the dip. Investors have been bearish on the stock since it released its latest earnings, as revenues were down again from the prior year and the company recorded a loss for the quarter.
However, the company is still in the midst of a pretty significant transition as it moves away from its legacy businesses and toward more sustainable and promising ventures. Last year, the company still generated a fair amount of revenue from handheld device sales, and if we exclude those figures, sales across its other segments were actually up.
One of those other segments involves the auto industry, as the company is heavily involved in the self-driving revolution and it hopes that its QNX software will be the operating system of choice for autonomous vehicles.
BlackBerry is also positioning itself as a top cyber security brand. Last year, the company won a bid to supply the U.S. government with encryption tools, which only lends credibility to BlackBerry’s strong reputation for security.
Many users today still prefer to use BlackBerry devices because they are believed to offer much more security than other devices do. And given the hacks, leaks, and lack of data protection we’ve seen from various companies and service providers, cyber security is something that is going to have the attention of consumers for a long time, as privacy becomes more and more valuable.
BlackBerry has many opportunities to grow, and the stock could be a great option for your portfolio today.
