Why BlackBerry Stock Surged Today

Shares of BlackBerry (NYSE: BB) popped 10.9% on Thursday, following the release of the artificial intelligence company's fiscal 2022 first-quarter financial results.

BlackBerry's revenue declined by 32% year over year to $175 million, as the company continued to shift away from its traditional software licensing business. However, that was above the average analyst estimate for revenue of $164 million.

The better-than-expected performance was driven by gains in the company's AI-powered cybersecurity and Internet of Things (IoT) businesses. Sales in these segments checked in at $120 million and $40 million, respectively, with gross margins of 59% and 83%.

Source Fool.com