Why BlackBerry Shares Are Gaining Today

BlackBerry Limited BB shares are trading higher on Tuesday.

The company opened a Cybersecurity Center of Excellence (CCoE) in Kuala Lumpur.

The inauguration was officiated by Prime Minister of Malaysia Anwar Ibrahim, Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng, and BlackBerry CEO John Giamatteo. 

The unit will deliver cyber threat intelligence to help Malaysia respond to cyber threats facing governments and organizations in the Indo-Pacific region.

The facility introduces the BlackBerry Cybersecurity Curriculum, aiming to address Malaysia’s shortage of around 12,000 cybersecurity professionals.

It offers various globally recognized courses and certifications to foster a skilled cybersecurity workforce and advance career prospects in the region for both men and women.

“The new Cybersecurity Center of Excellence stands as a testament to how nations and technology leaders can work together to address the dual challenge of cybercrime and skills shortages,” said BlackBerry CEO, John Giamatteo. 

Last month, the company and the SANS Institute announced a new partnership in Malaysia.

Recently, the company was in the headlines for announcing its plans to reduce additional positions within its cybersecurity business, which will likely save about $27 million annually, alongside $8 million from other non-headcount actions. 

In December, BlackBerry reported third-quarter revenue of $175 million, which beat the consensus of $173.53 million. 

According to Benzinga Pro, BB stock has lost over 30% in the past year. 

BlackBerry will report results for the fourth quarter of fiscal year 2024 at 5:30 p.m. ET on Wednesday, April 3, 2024.

Price Action: BB shares are trading higher by 1.33% to $2.675 on the last check Tuesday.