After flowing under the radar for the better part of the year, BlackBerry Ltd (NYSE:BB) is poised to finish the year on a high. The inking of a strategic alliance with Amazon, coupled with impressive quarterly results, continues to strengthen the stock’s sentiments in the market. The stock has powered to one year hear on huge volume, affirming renewed investor interest.
AWS Partnership
At the back of impressive sequential software and services revenue growth, solid financial results underscore a company in a phase of robust growth amid the COVID-19 tailwinds. The tech giant has also been on an innovation spree, releasing exciting new technology that affirms long term prospects.
Likewise, the company has inked a strategic partnership with Amazon Web Services to accelerate innovation with a new intelligent vehicle data platform, BlackBerry IVY. The deal solidifies BlackBerry's credentials as one of the biggest software and security companies.
Getting everything right with the Amazon Web Services deal should go a long way in unlocking new revenue streams for the company. Vehicle automation is the latest spectacle, with tremendous opportunities expected to complement BlackBerry’s Internet of Things software offerings. BlackBerry has invested a great deal in autonomous vehicle technology as it looks to replace the lost smartphone revenue.
BlackBerry Rally
The Waterloo-based company is fresh from reporting GAAP revenues of $218 million. A good chunk of the revenue came from software and services offerings, which were up to $162 million. While the company has been a perennial underperformer, it appears to be ticking all the right boxes.
For the first time in more than a decade, the stock is trending upwards, having entered into an uptrend as investors reacted to Amazon’s strategic partnership. As it stands, the stock is trading way above its 200-day moving average, affirming the strong bullish momentum?
The company’s prospects are looking increasingly bright as the focus shifts to the internet of things and interconnection. After faltering in the smartphone business, the Canadian tech heavyweight could have a second lease of life as it focuses on the internet of things.