WATERLOO, ONT. — BlackBerry Ltd. says it will carve its cybersecurity and Internet of Things business units into two independently operated entities.
The Waterloo, Ont.-based technology company says it plans to pursue a subsidiary public offering for the Internet of Things business.
BlackBerry 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.
BlackBerry CEO and executive chair John Chen says in a press release that the new proposed structure will increase operational agility for the two business units.
The company says each business will be able to pursue its own distinct strategy and capital allocation policy.
This report by The Canadian Press was first published Oct. 4, 2023.
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The Canadian Press
