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BlackBerry Ltd.
The shares of BlackBerry Ltd. soared in a busy business on Tuesday, after the security software services company announced it was partnering with Amazon Web Services Inc. to develop and sell BlackBerry’s smart vehicle data platform. , known as “IVY”.
BlackBerry said that the multi-year global agreement with Amazon.com Inc.’s AMZN,
The cloud services business will enable automakers to use IVY to securely read data from vehicle sensors and create actionable insights from that data.
“This software platform promises to bring an era of invention to the in-car experience and help create new applications, services and opportunities without compromising the safety, security or privacy of customers,” said the BlackBerry CEO John Chen.
BlackBerry stock BB,
BB,
climbed 45.5% in morning trading, putting it on track for the highest close since June 2019. Trade volume climbed to 77.2 million shares, already more than 20 times the daily average of 3.8 million shares.
The stock is also heading for the second-largest single-day gain since its IPO in February 1999, and for the best day for investors as it rose 51.0% on December 23, 2003.
BlackBerry said its IVY platform could use vehicle data to recognize driver behavior and unsafe driving conditions, or heavy traffic, and then recommend the driver to activate relevant driving safety features.
The company said that IVY could also allow electric vehicle drivers, who choose to share vehicle battery information with third-party charging networks, to reserve a charging connector and tailor charging times based on l ‘driver’s location and travel plans.
BlackBerry Ltd.
“Data and connectivity are opening new avenues for innovation in the automotive industry, and BlackBerry and AWS share a common vision to provide automakers and developers with better information so they can deliver new services to consumers. ”Chen said.
BlackBerry stock is now up 33.0% year-to-date, while ETFMG Prime Cyber Security HACK exchange-traded fund,
climbed 22.1% and the S&P 500 SPX index,
increased by 13.4%.
BlackBerry started out as a mobile communications and wearable device company called Research In Motion. The company officially changed its name to BlackBerry, effective January 30, 2013, to coincide with the launch of its mobile computing platform, BlackBerry 10. The company officially changed from a hardware company to a software company and services in 2017.
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As an example of the company’s transformation, the company reported $ 151 million in software and services revenue in the second quarter of fiscal 2020, or 58.3% of revenue. total business of $ 259 million. When the stock jumped 51.0% on December 23, 2003, it was after the company reported third-quarter revenue of $ 153.9 million, of which 56% came from handhelds. and 9% software licenses.
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