BlackBerry to launch IoT business
By Canadian Press, Waterloo ONElectronics IoT BlackBerry business IoT unit
Former smartphone giant aiming for June IPO, carving firm into two biz units
The head of BlackBerry Ltd. says he’s hoping for June timing on the initial public offering the company has planned for its Internet of Things (IoT) business. The forthcoming IPO will carve BlackBerry into two business units, dividing its cybersecurity operations from its internet of things offerings.
The Waterloo, Ont.-based technology company has been evaluating a range of strategic alternatives to enhance shareholder value since May. The company lost US$42 million in the second quarter of its 2024 fiscal year as revenue from Internet of Things rose four per cent while cybersecurity revenue was down 40 per cent.
Speaking at an investors briefing, John Chen said he was aiming for June because he wants to avoid a summer IPO, when people are on holidays. He also wants to steer clear of September, which he considers a bad month for the stock market because people are coming back from vacation with a different mindset.