BlackBerry (TSX: BB) is one of those stocks that has gone through an incredible transition over the past decade. Once viewed as the king of the smartphone market, the company is now viewed as a cybersecurity and Internet of Things (IoT) play. And there’s finally some huge news for those holding BlackBerry stock.
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BlackBerry is surging!
As of the time of writing, BlackBerry is up 56% over the past six months and an incredible 106% over the trailing 12-month period. But what’s driving that sudden growth in BlackBerry stock?
Part of that can be attributed to QNX, the company’s embedded software that is used in automotive infotainment systems. BlackBerry reported design wins on this front recently, citing a partnership with a German luxury automaker, as well as another win with a large Asian auto original equipment manufacturer (OEM).
Those wins are the latest proof that BlackBerry’s pivot is gaining traction. In short, BlackBerry’s long-awaited transformation into a security-focused, enterprise IoT leader is finally bearing fruit.
Should you buy BlackBerry stock?
Proof of that transformation is in the recent quarterly results. During the most recent quarterly update last month, BlackBerry reported revenue of US$129.6 million, bettering the company’s previously reported guidance.
And that’s not all. Both the QNX and Secure Communications segments reported better-than-expected results.
Perhaps best of all, despite that meteoric rise, BlackBerry stock remains a good 20% off its 52-week high.
This makes the company a compelling pick for long-term investors seeking exposure to enterprise tech growth.
