BlackBerry Limited BB stock is trading higher Friday amid reports of a possible takeover offer from private equity firm Veritas Capital, a Carlyle Group CG company.
Veritas is interested in acquiring the complete cybersecurity company, Bloomberg cites familiar sources.
In May, BlackBerry shared plans to review its portfolio of businesses and consider strategic alternatives to boost shareholder value with other options, including a possible separation of some companies.
BlackBerry commands attention for its cybersecurity software and “Internet-of-Things” products that are higher growth and used by the auto industry.
In June, BlackBerry reported Q1 revenue of $373 million, which beat the consensus of $160.35 million. IoT revenue came in at $45 million, cybersecurity revenue totaled $93 million, and licensing and other revenue accounted for $235 million.
The company reported quarterly adjusted earnings of 6 cents per share, which beat the consensus loss of 5 cents per share.
Blackberry stock has gained 47% YTD.
Price Action: BB shares traded higher by 10.6% at $4.89 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
