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Should You Buy Blackberry After Earnings?

Blackberry (TSX:BB) is a Waterloo-based company that provides intelligent security software and services to enterprises and governments.

Canadian investors can seek out exposure to growth in the cyber security space by snatching up shares of this former hardware giant. Shares of Blackberry have increased 2.7% month-over-month as of early afternoon trading in June 30. This tech stock has erupted 64% so far in 2023.

This company released its first quarter fiscal 2024 earnings on June 28. Blackberry reported total revenue of $373 million. Meanwhile, IoT revenue reached $45 million. Cyber security revenue increased to $93 million while non-GAAP basic earnings per share climbed to $0.06 and GAAP basic loss per share hit $0.02.

In the quarter, Blackberry announced that it completed the patent sale transaction of substantially all its non-core patents and patient applications to Malkie Innovation Limited. Moreover, Blackberry’s QNX releases an “ultra-scalable”, high performance compute ready operating system that it expects will advance software development efforts for next generation vehicles and IoT systems.

Blackberry revealed that its QNX software was now embedded in over 235 million vehicles around the world. That is a year-over-year increase of 20 million automobiles. This company has fought and clawed to become a legitimate player in the cyber security space and in IoT convergence.

Shares of this top tech stock are on track for strong revenue growth going forward. Investors might want to take advantage of Blackberry’s scorching momentum as we move into the month of July 2023.