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Blackberry Announces Layoffs as it Presses Forward with Business Split

In October 2023, Blackberry (NYSE:BB) announced that it would endeavor to split into two separate companies in a bid to rejuvenate shareholder interest. The company seeks to spin its connected-vehicle software business into one company and its cybersecurity division into another.

Shares of Blackberry have been in what has appeared to be a nearly decade-long holding pattern. The company has been searching for an identity since it lost market share in the smartphone market, and industry the company practically invented and cultivated. John Chen, a highly-touted turnaround artist, was brought in to lead the company in 2013. Chen worked diligently in the transition to a software-focused firm, but Blackberry always appeared to be a step behind the biggest players in the United States and around the world.

On October 30, 2023, nearly a decade to the date that John Chen accepted the job, Blackberry’s CEO announced that he would retire as executive chair and CEO. Rickard Lynch will success Chen as CEO.

Earlier this week, Blackberry announced that it would seek to cut more jobs in its cyber-security division. This is part of the company’s push towards profitability. Investors got to see Blackberry’s third quarter (Q3) fiscal 2024 earnings on December 20, 2023. Total company revenue was reported at $175 million and IoT revenue was reported at $55 million.

Blackberry stock has dropped 18% in 2024 as of close on February 14. The stock still boasts solid value at the time of this writing.