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Why BlackBerry Stock Is Soaring Today

Source The Motley Fool

BlackBerry (NYSE: BB) stock is surging in Wednesday's trading. The tech company's share price was up 9.7% as of 3:30 p.m. ET, and had been up as much as 10.6% earlier in the day's trading.

Late yesterday, BlackBerry published a press release announcing that its QNX division had formed a new partnership with automotive software and consulting specialist Pi Square Technologies. The team-up will see the two companies collaborating to train thousands of software engineers in India to create software for the auto industry.

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BlackBerry stock jumps on QNX adoption initiative

BlackBerry is aiming to spur adoption for its QNX software development platform for advanced driver assistance systems (ADAS) and build its global developer community. Pi Square will be working with hundreds of Indian academic institutions and teaching the QNX platform as a foundation-level software tool. By broadening the pool of developers using its freely available non-commercial QNX software, BlackBerry will have opportunities to improve its standing as a development standard. From there, the platform should become more attractive for use by paying business customers.

What's next for BlackBerry?

BlackBerry stock has been on an impressive winning streak lately. With today's gains, the company's share price is now up roughly 106% over the last year of trading. On the other hand, the stock is also still down roughly 77% from its five-year high.

BlackBerry has shifted its business to focus on the Internet of Things (IoT) and cybersecurity markets. While there's plenty of competition in both of these industries, the company has been making some smart moves and laying the groundwork for potential long-term success. The company's outlook remains highly speculative, but the stock is worth a close look for risk-tolerant investors seeking potential comeback plays or exposure to IoT and cybersecurity.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool recommends BlackBerry. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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