BlackBerry Limited provides intelligent security software and services to enterprises and governments worldwide. The company operates through three segments: Cybersecurity, IoT, and Licensing and Other. The company offers CylanceENDPOINT, an integrated endpoint security solution; CylanceGUARD, a managed detection and response solution; CylanceEDGE, an AI-powered continuous authentication zero trust network access solution; CylanceINTELLIGENCE, a contextual cyber threat intelligence service; BlackBerry Dynamics offers a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice and video; BlackBerry SecuSUITE is a certified, multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions. It also provides BlackBerry Technology Solutions (BTS); BlackBerry Certicom, a patented elliptic curve cryptography, which provides device security, anti-counterfeiting and product authentication solutions; BlackBerry Radar offers monitoring and telematics solutions; BlackBerry Professional; and cyber security consulting services. In addition, the company is involved in the patent licensing and legacy service access fees business. The company was formerly known as Research In Motion Limited and changed its name to BlackBerry Limited in July 2013. BlackBerry Limited was incorporated in 1984 and is headquartered in Waterloo, Canada.

BlackBerry looks like a company with improved operating discipline, but with a very expensive valuation relative to its current earnings and revenue base. Revenue rose to 156 million, and gross profit increased to 121 million, while gross margin remained at a high level of 76%, which points to strong product economics. Operating profit and EBITDA are also positive and improving, and net income has turned positive, which is an important qualitative shift after the loss-making period a year earlier. At the same time, returns on capital and assets remain moderate: ROE of 7.22%, ROA of 4.36%, and ROI of 5.70% do not look outstanding for an IT company with a high valuation. The most notable downside is the multiples: P/S of 13.75, P/B of 9.96, and P/FCF of 74.90 are significantly above industry medians, indicating elevated market expectations. P/E of 60 is also above the sector, while EPS remains very low, so current earnings do not yet justify such a high market capitalization. From a balance sheet perspective, the picture is mixed: debt-to-equity is low, the current ratio is above 2, and cash on hand is comfortable, but the quick ratio is zero, which suggests weak immediate liquidity and calls for caution. Equity is growing, and liabilities are generally under control, which reduces the risk of financial stress. There is no dividend, so investors do not receive compensation for waiting in the form of cash flow. Overall, the fundamentals have improved in quality, but the market has already priced in a great deal of optimism. For a target valuation, this implies a moderately negative adjustment: the business has potential, but the current price appears to be running ahead of the fundamental improvement.

BlackBerry Limited

BlackBerry’s revenue, profit, and margin are improving, but its valuation on P/S, P/B, and P/FCF remains very high, while profitability is still average.

SAP SE SAP reported second-quarter 2026 non-IFRS earnings per share (EPS) of €1.59 ($1.85), which increased 6% from the year-ago quarter. The Zacks Consensus Estimate was pegged at $2.
Despite macroeconomic uncertainty, SAP reported total revenues on a non-IFRS basis of €9.9 billion ($11.5 billion), which increased 9% year over year (up 11% at constant currency or cc). The Zacks Consensus Estimate was pegged at $11.4 billion.
AI strategy is becoming a major competitive advantage for SAP. Management emphasized its Autonomous Enterprise strategy, which combines Business AI with enterprise applications. SAP is embedding AI directly into finance, procurement, supply chain, HR and customer operations. The company's strategy revolves around two major pillars –Autonomous Suite and Business AI Platform. SAP believes customers increasingly value AI solutions that operate using trusted enterprise data while maintaining governance and compliance.
This positioning gives SAP a competitive edge because its AI capabilities are built on decades of customer business processes and transactional data rather than disconnected AI models. As AI adoption expands across enterprises, SAP is well-positioned to monetize AI through higher cloud subscriptions rather than relying solely on standalone AI products.
Cloud Business Continues to Be SAP's Growth Engine
Current cloud backlog reached €22.9 billion in the quarter, representing 27% year-over-year growth (26% at cc). This metric is important because it reflects contracted future cloud revenue, giving investors visibility into future growth.
On a non-IFRS basis, the Cloud and software segment (89.6% of total revenues) registered revenues of €8.9 billion, rising 11% year over year (up 13% at cc).
Cloud revenue increased 22% year over year (24% at cc) to €6.3 billion, on a non-IFRS basis, demonstrating that enterprise customers continue to migrate mission-critical workloads to SAP's cloud ecosystem. SAP's Cloud ERP Suite, where revenue increased 25% (27% at cc) to €5.5 billion, is equally encouraging. Software licenses and support revenues totaled €2.6 billion, representing a 9% decrease (down 8% at cc) year over year.
Services business (10.4% of total revenues) posted revenues of €1 billion, down 3% year over year (down 2% at cc).
Expanding Clientele Bodes Well
In the second quarter, organizations worldwide continued to adopt the “RISE with SAP” program to support their comprehensive business transformations. Notable adopters included ACCIONA, AIRBUS, City of Osnabrück, Electrolux, Eli Lilly, Gilead Sciences, HARTING, Hindustan Zinc, The Humboldt University of Berlin, JET, Ørsted, Samsonite Group, Shell, The Shoprite Group, SIGNAL IDUNA, SPAR (CH), Sun Pharma and Vonovia.
“GROW with SAP” was implemented by Gooroo Crédito, Modular Data Centers, Parloa, Tarrant County, and Techem.
Major global brands across various industries, including AMADEUS, BBC, Booking.com, GOL, Oki Electric Industry, PwC, University Hospital Zurich and Vale, chose SAP's AI and data solutions.
SAP SE Price, Consensus and EPS Surprise
SAP secured significant customer wins across its solution portfolio, with new or expanded engagements from leading organizations such as Birlasoft, Capgemini, Haier Group and KaDeWe.
Döhler, FANUC Europe, Fonterra, Natura Cosméticos, SABESP and TEAG went live on SAP solutions during the quarter.
SAP’s cloud revenue growth was especially strong in the APJ and EMEA regions and robust in the Americas, with standout performances from Brazil, France, Germany, Italy, India, South Korea and Spain. It remained strong in the United States, Australia and Singapore.
Margin Details
Non-IFRS gross profit of €7.3 billion increased 9% from the year-ago quarter (up 11% at cc).
Non-IFRS cloud gross profit increased 22% year over year to €4.7 billion (up 23% at cc). Non-IFRS cloud gross margin fell 0.6 percentage points to 74.6%.
SAP's non-IFRS operating profit rose 7% (up 9% at cc) to €2.7 billion, while margin decreased to 27.8%.
Balance Sheet & Cash Flow
As of June 30, 2026, SAP had cash and cash equivalents of €11.6 billion compared with €10.1 billion as of March 31, 2026.
In the second quarter, the company generated operating cash of €3.2 billion, up 22% year over year. Free cash flow, a key metric of operational strength, rose 27% to €3 billion during the quarter.
SAP also continues returning capital to shareholders. Its newly authorized €10 billion share repurchase program remains active. As of June 30, the company had repurchased more than 16.28 million shares and spent approximately €2.6 billion.
SAP’s 2026 Guidance Reaffirmed Despite Lower Profit Outlook
The company lowered its non-IFRS operating profit outlook from €11.9–€12.3 billion to €11.8–€12.2 billion. The revision stems almost entirely from the acquisitions of Dremio and Prior Labs, which closed in July. Management expects these acquisitions to create a dilutive impact exceeding €100 million during 2026.
Despite lowering operating profit guidance slightly, SAP maintained nearly all of its major financial targets. Management still expects cloud revenue between €25.8 billion and €26.2 billion, cloud and software revenue between €36.3 billion and €36.8 billion and approximately €10 billion in free cash flow.
Additionally, SAP expects cloud backlog growth to remain strong, though slightly slower, total revenue growth to match 2025 levels, revenue acceleration in 2027 and operating expense growth to remain below revenue growth.
Nonetheless, the company acknowledged that its outlook assumes a near-term de-escalation of geopolitical tensions in the Middle East. Any prolonged conflict could negatively impact enterprise spending or business operations.
SAP’s Zacks Rank
SAP currently carries a Zacks Rank #4 (Sell).
Recent Performances
America Movil, S.A.B. de C.V. AMX reported net income per ADR of 47 cents for the second quarter of 2026, up from 38 cents in the prior-year quarter. The earnings figure missed the Zacks Consensus Estimate of 52 cents. Total quarterly revenues rose 3.1% to Mex$241,071 million, driven by rapid momentum across the Service and Equipment segments.
BlackBerry Limited BB reported first-quarter fiscal 2027 non-GAAP earnings per share (EPS) of 4 cents. The figure beat the company’s estimate of 2-3 cents. In the year-ago quarter, it reported a non-GAAP EPS of 2 cents. The Zacks Consensus Estimate was pegged at 3 cents per share. BlackBerry generated $152.9 million in fiscal first-quarter revenue, representing 26% year-over-year growth.
Iridium Communications IRDM reported EPS of 9 cents for the second quarter of 2026, missing the Zacks Consensus Estimate of 26 cents. The bottom line also compared unfavorably with the prior-year quarter's figure of 20 cents. Iridium reported second-quarter revenue of $225.2 million, representing 4% year-over-year growth. The consensus mark was pinned at $221.2 million.
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SAP Q2 Earnings Up Y/Y on Cloud Demand, Buyouts Impact Profit Outlook

BlackBerry BB kicked off fiscal 2027 on a strong note, delivering better-than-expected first-quarter results and raising its fiscal year outlook. The performance was anchored by strong QNX and Secure Communications businesses, but the key question remains whether this momentum can sustain.
Quarterly revenues came in at $152.9 million, marking a 26% year-over-year increase. Profitability was equally impressive, with adjusted EBITDA more than doubling to $36 million.
QNX remained the key catalyst, with revenues climbing 26% year over year to $72 million. The segment benefited from broad-based strength, particularly in development licenses, which hit their highest level in eight quarters. This metric serves as an early indicator of future royalty streams, reflecting customer investments in new software platforms that will take years to reach production.
Beyond automotive, General Embedded Markets and Physical AI are emerging as a fast-growing opportunity, expanding QNX’s reach into industrial automation, robotics and medical devices.
Additionally, the company continues to advance Alloy Kore, a platform expected to significantly increase software content per vehicle, boost average selling price by multiples and driving backlog. While still early, management remains positive about securing a design win within the current fiscal year.
BlackBerry Limited Revenue (Quarterly)
Secure Communications also delivered a standout quarter, with revenues increasing 24% year over year to $74 million. The segment is witnessing improved performance anchored by government demand, recurring revenues and customer retention. Rising demand for digital sovereignty and cybersecurity modernization by governments across the globe is creating a powerful tailwind.
Encouraged by the strong start, BlackBerry now expects total revenues between $594 million and $621 million compared with $584-$611 million projected earlier.
The strong start to fiscal 2027 and subsequent outlook revision reinforces that BlackBerry’s turnaround strategy is gaining traction. However, the path is not without challenges. Secure Communications remains exposed to deal-timing variability and this could impact performance.
In addition, some of BlackBerry’s most exciting opportunities, such as physical AI, robotics and the Alloy Kore platform, remain in the early stages, introducing execution risk. Heavy reliance on the automotive industry is a concern. The QNX platform remains heavily exposed to vehicle production cycles and OEM spending, which, in turn, are highly dependent on macro conditions. BlackBerry faces increasing competitive pressures in both QNX and cybersecurity businesses.
Let’s Take a Look at BB’s Peers
Within the cybersecurity space, BlackBerry competes with several giants, including CrowdStrike CRWD. While BlackBerry’s focus remains on encrypted communications and sovereign-grade infrastructure, CRWD is one of the leading pureplay companies. CRWD entered fiscal 2027 with strong momentum, with the fiscal first quarter revenues rising 26% year over year to $1.39 billion and ARR reaching $5.51 billion (up 24%), alongside record net new ARR of $256 million (up 32%). Management emphasized that as enterprises rapidly adopt AI, cybersecurity has become a critical component, creating a massive demand pipeline.
CrowdStrike is seeing strong adoption across cloud, identity and next-gen SIEM, with these newer categories exceeding $2 billion in ARR. The company expects fiscal second quarter revenues to be between $1.436 billion and $1.442 billion. CRWD raised its fiscal 2027 net new ARR growth guidance by 520 basis points at the midpoint
Aptiv PLC APTV Intelligent Systems segment is seeing increased activity around next-generation ADAS, user experience and vehicle architecture solutions. However, in the near-term Aptiv is navigating a volatile macro backdrop amid OEM and auto industry disruptions and inflationary pressure. For the second quarter of 2026, Aptiv expects revenues (excluding its EDS segment, which spun-off into a new publicly traded company, Versigent) to be between $3.2 billion and $3.4 billion.
APTV has only about 25% of its business outside automotive. The company is seeking to increase penetration in markets such as commercial aerospace and telecom and remains focused on accelerating product development and go-to-market activities.
BB Price Performance, Valuation & Estimates
Shares of BlackBerry have lost 16.5% in the past month against the Internet-Software industry’s growth of 11%.
Image Source: Zacks Investment Research
Regarding the price/book ratio, BB is trading at 6.74, higher than the industry’s multiple of 4.65.
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The Zacks Consensus Estimate for BB earnings for fiscal 2027 has been revised downward over the past 60 days.
Image Source: Zacks Investment Research
BlackBerry currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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BB's Strong Start Prompts Higher FY27 Expectations: Can It Deliver?

Key Points
BlackBerry has reinvented itself as a physical AI company on which more than 275 million vehicles rely.
A partnership with Nvidia positions it for the upcoming humanoid robot boom.
BlackBerry is generating meaningful revenue growth rates from its QNX software and may be at the start of a multiyear rally.
BlackBerry (NYSE: BB) has reinvented itself from a smartphone company to a key player in physical AI -- AI that interacts with the physical world -- and the stock's 180% year-to-date surge through July 13 isn't a meme rally like its brief moment in 2021. BlackBerry's QNX software helps robots interact with the world safely and effectively. That's a critical feature for autonomous vehicles, drones, and humanoid robots.
The company has been securing partnerships and agreements with Nvidia, BMW, and the federal government. That's just the beginning, which makes now the right time to assess BlackBerry's long-term potential for investors.
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Winning deals now that will be transformative later
QNX isn't speculative. The software is already powering BlackBerry to meaningful growth and profits, and more than 275 million vehicles on the road use this technology. The company reported 26% year-over-year revenue growth in its fiscal 2027 first quarter (the three months ended May 31, 2026) and achieved its first fiscal quarter of positive operating cash flow in nine years, excluding a patent sale in fiscal 2024.
"We are particularly encouraged by the multiyear growth opportunities ahead in software-defined vehicles, as well as broad opportunities in the general embedded market, especially physical AI," BlackBerry CEO John J. Giamatteo told investors.
While BlackBerry is already positioned to post significant sales growth thanks to autonomous vehicles, the Nvidia partnership showcases the company's true potential. The QNX OS (operating system) was integrated with Nvidia IGX Thor and the Nvidia Halos Safety Stack, which will assist with physical AI across robotics, medical, and industrial systems.
The global humanoid robot market alone may be enough for BlackBerry to become a long-term wealth multiplier. That market is expected to maintain a 50% compound annual growth rate through 2034 and become a $165 billion industry in the process, according to Fortune Business Insights.
The backlog is steadily growing
BlackBerry wrapped up its fiscal 2022 with a $460 million backlog for QNX, and that backlog had more than doubled by the end of fiscal 2026, reaching $940 million.
Revenue for this critical segment has been accelerating as well. BlackBerry's QNX software delivered 20% year-over-year revenue growth in its fiscal 2026 fourth quarter. That growth rate jumped to 26% in BlackBerry's fiscal 2027 first quarter.
BlackBerry is currently guiding for $607.5 million in fiscal 2027 revenue, with approximately half of that coming from QNX. The company reported $549.1 million in fiscal 2026 revenue, so that would be 10.6% year-over-year growth if it hits its estimate. That's a big improvement from the company's 3% year-over-year revenue growth in its fiscal 2026.
Financials are already moving in the right direction, and BlackBerry's positioning in the physical artificial intelligence industry suggests revenue can continue to accelerate in the years ahead. That setup can help BlackBerry continue to deliver on its recent gains.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

BlackBerry: The Push Into Physical AI Is Transformative

Organizations today face an unprecedented combination of cyber threats, climate-related disasters, geopolitical tensions and operational disruptions, leaving little room for delayed decision-making or fragmented communication. Recognizing this need, BlackBerry Limited BB recently upgraded its BlackBerry AtHoc mission orchestration platform, further strengthening its position in secure communications for enterprises, governments and critical infrastructure operators.
The augmented version focuses on tighter integration with Microsoft's MSFT enterprise ecosystem, enhanced operator workflows, richer situational awareness and improved identity management, designed to help organizations respond faster during emergencies. During emergencies, asking employees to switch applications or learn new workflows often creates unnecessary delays. BlackBerry addresses this challenge by embedding critical alerting and response capabilities directly into Microsoft Teams. Another major addition is integration with Microsoft Entra ID, which automatically synchronizes user records between Entra ID and BlackBerry AtHoc.
BlackBerry has also refined several operator-focused capabilities that improve message delivery during large-scale emergencies, including alert resend functionality, improved handling of multiple responses, mass device alert repeat capabilities and better dispatch workflow controls. As BB continues adding integrations and new capabilities, existing customers become more likely to expand deployments rather than seek alternative providers. Recently, it also upgraded its Unified Endpoint Management platform, addressing the evolving needs of enterprises, governments and highly regulated industries.
Combined with momentum in Secure Communications and the continued expansion of QNX, AtHoc strengthens the company's ability to generate recurring software revenue while deepening relationships with enterprise and government customers.
Can BB’s AtHoc Challenge the Cybersecurity Heavyweights?
CrowdStrike CRWD remains leveraged to sustained cybersecurity demand as customers consolidate tools on the Falcon platform and expand module adoption through subscriptions and Falcon Flex. Rising cyber threats and data breaches continue to drive demand for cybersecurity solutions. Last month, CRWD expanded its AI and cloud security offerings on AWS, adding Falcon AI Detection and Response protections for AI applications, new cloud security integrations and broader platform availability through AWS Marketplace. Also, it introduced Continuous Identity for AI Agents, a new Falcon Next-Gen Identity Security capability that provides continuous, risk-based identity enforcement for AI agents across enterprise environments.
Investments in sales, cloud and AI position Fortinet Inc. FTNT for stronger operating leverage through 2026 and beyond. In June, Fortinet launched FortiSOC, a new unified, cloud-delivered security operations center platform powered by agentic AI that consolidates six core security operations functions, including SIEM, SOAR, threat intelligence and identity threat detection, into a single SaaS experience with one console and one subscription, designed to autonomously investigate and correlate alerts across assets and identities, then recommend or execute response actions under analyst oversight. In May, Fortinet expanded its FortiGate G series with the 3500G and 400G, delivering high-performance, AI-ready firewalls with enhanced connectivity and built-in security.
BB Price Performance, Valuation & Estimates
Shares of BlackBerry have surged 270.2% in the past three months compared with the Internet-Software industry’s growth of 12.4%.
Image Source: Zacks Investment Research
Regarding the price/book ratio, BB is trading at 10, higher than the industry’s multiple of 4.7.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BB earnings for fiscal 2027 has been revised down over the past 60 days.
Image Source: Zacks Investment Research
BlackBerry currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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How Does AtHoc's Expansion Boost BlackBerry Amid Global Uncertainty?

After reporting a strong first-quarter fiscal 2027, BlackBerry Limited BB saw its shares surge roughly 22% as investors rewarded better-than-expected revenue, expanding profitability and improved full-year guidance. BB’s shares have gained 265.6% in the past three months compared with the Internet Software industry’s rise of 5%. The broader Zacks Computer & Technology sector and the S&P 500 composite have registered gains of 23.5% and 13.6%, respectively.
Image Source: Zacks Investment Research
BB competes with much larger cybersecurity firms, such as CrowdStrike Holdings, Inc. CRWD and Palo Alto Networks PANW. PANW has gained 109%, while CrowdStrike is up 91.2% over the same time frame. CrowdStrike is leveraging strong cybersecurity demand through the consolidation of its Falcon platform and growing subscription adoption. Palo Alto Networks offers network security solutions to enterprises, service providers and government entities worldwide.
BB currently trades at $12.65, almost on par with its 52-week high of $12.93. The key question for investors now is whether the rally reflects the beginning of a sustained momentum or whether most of the good news is already priced into the stock. Let’s unwrap below.
BB’s Fiscal Q1 Exceeds Expectations
BlackBerry reported a robust start to fiscal 2027 with revenue of $153 million, exceeding guidance, driven by growth in QNX and Secure Communications, with adjusted EBITDA more than doubling year over year. Beyond automotive software, management is increasingly discussing opportunities in industrial AI and physical AI. BlackBerry is positioning QNX as a foundational operating platform not only for vehicles but also for robotics, industrial automation, medical devices, aerospace and intelligent infrastructure.
The company's partnership with NVIDIA NVDA has evolved from an automotive-focused collaboration into a broader strategic alliance centered on Physical AI and safety-critical software. The relationship began with joint work on NVIDIA's Thor platform and QNX architecture for automotive applications, strengthening over time through successful customer wins and growing trust. Building on this foundation, NVIDIA selected BB as a key partner for its Physical AI safety stack, which is being standardized on QNX. As Physical AI adoption expands across industries, management views this partnership as an evolving growth opportunity with long-term potential.
Another encouraging sign was the return of positive operating cash flow during what is typically BlackBerry's weakest seasonal quarter. It generated roughly $5 million in operating cash flow, marking the first positive fiscal first-quarter operating cash flow in nearly a decade, excluding the effects of patent sales. BB continues to prioritize shareholder returns through share repurchases. It bought back 2.6 million shares in the quarter for approximately $10 million and expanded its buyback program, authorizing up to 27 million additional shares as part of its disciplined capital allocation strategy.
QNX Continues to Drive Growth, Secure Comm Recovers
The primary growth engine remains QNX, BlackBerry's real-time operating system used in software-defined vehicles and other mission-critical embedded systems. QNX effectively delivered a Rule of 50 quarter in the fiscal first quarter, driven by strong revenue growth and profitability. QNX's development license revenue reached an eight-quarter high, reflecting strong investment in future vehicle programs, with most licenses tied to the new SDP 8 platform that supports long-term royalty growth.
It also secured new Automotive and GEM design wins, including ADAS and driver monitoring programs. Beyond automotive, BlackBerry sees significant growth opportunities in robotics, industrial automation, medical devices and Physical AI. Management expects GEM, its fastest-growing business, and Alloy Core to drive meaningful growth, with major customer wins anticipated later this year.
The Secure Communications business remains strong, with $74 million in revenue, a 24% increase and stabilized ARR at $220 million, with a healthy net retention rate of 92%, driven by government demand and large deals. Customer retention, recurring revenue and government demand for Secure Communications solutions continue to show encouraging momentum. A multiyear expansion with Shared Services Canada, driven by rising demand for digital sovereignty and cybersecurity, significantly boosted fiscal first-quarter revenue through the expanded deployment of Secusmart's encrypted communications solutions.
Management cautioned that large government contracts have long sales cycles, making this quarter’s outsized growth unlikely to recur every quarter. Still, Secure Comm is evolving into a stable growth business with upside from major government wins. During the quarter, BlackBerry also secured several renewals, expansions and new customers across government, defense, and regulated industries, including FedRAMP High re-certification for BlackBerry AtHoc, a partnership with The IP Company and a collaboration with TKMS, highlighting continued demand for mission-critical secure communications.
Image Source: Zacks Investment Research
The long-term growth outlook remains positive, with potential for growth rates exceeding previous guidance, driven by pipeline and new opportunities. Strong quarterly execution gave management confidence to increase full-year expectations. BB now expects total revenue of $594–$621 million and adjusted EBITDA of $119–$139 million, driven by higher QNX and Licensing guidance. The company also expects about $100 million in operating cash flow this year, nearly double from the prior levels, with roughly 90% of incremental revenue flowing through to adjusted EBITDA, underscoring its strong operating leverage.
Why Investors Should Remain Cautious About BB
Despite the impressive quarter, investors should recognize that several risks remain. BlackBerry faces several headwinds, including long automotive production cycles, as design wins often take three to five years to generate meaningful royalty revenue. Growth also remains exposed to cyclical vehicle demand and potential delays in software-defined vehicle adoption. In addition, intense competition from Linux-based platforms, Android Automotive and proprietary operating systems could pressure market share and require sustained investment in innovation.
BlackBerry's China business faces ongoing geopolitical and regulatory uncertainties. While the company believes its safety certification expertise and local presence help mitigate some risks, evolving trade tensions and policy changes could weigh on growth in the region.
BB’s Estimate Revision Trends
The Zacks Consensus Estimate for BB earnings for fiscal 2027 has been unchanged over the past 60 days.
Image Source: Zacks Investment Research
BB’s Valuation: Expensive or Reasonable?
Regarding the price/book ratio, BB is trading at 9.88, higher than the industry’s multiple of 4.39.
Image Source: Zacks Investment Research
PANW and CrowdStrike are trading at a 12-month price/book multiple of 10.05X and 41.55X, respectively, compared with the Security industry’s multiple of 28.96X.
Although BlackBerry's recent rally makes the stock appear more expensive than it was several months ago, valuation should also be viewed in the context of improving fundamentals. If management continues executing, today's valuation may still prove reasonable for a software company transitioning into a profitable growth phase.
Investment Verdict
BlackBerry is emerging as a profitable software business with multiple growth engines. QNX continues to benefit from software-defined vehicle adoption, Secure Communications has returned to healthy growth, cash flow is improving and management is expanding into industrial AI and embedded computing. Although the sharp share-price appreciation may limit near-term upside and increase volatility, BlackBerry still appears attractive for investors with a long-term investment horizon who believe in the continued growth of software-defined vehicles, embedded AI and secure enterprise communications.
Carrying a Zacks Rank #2 (Buy) at present, BB remains an appealing pick for investors. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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BlackBerry Rallies After Q1 Beat: Is the Stock Still Attractive?

BlackBerry Limited’s BB momentum has been supported by strong execution across its QNX and Secure Communications businesses. QNX continued to benefit from long-term trends, including software-defined vehicles, centralized computing, the broader embedded market and Physical AI.
The business reported strength across development licenses, professional services and royalties. Development license revenue reached its highest level in eight quarters, reflecting customer investment in new software platforms built on the latest SDP 8 technology. The company also secured new design wins across automotive and General Embedded Markets (GEM), including advanced driver assistance systems, driver monitoring solutions, commercial vehicles and medical diagnostics, while expanding adoption of its SDP 8 platform.
BlackBerry also highlighted several long-term growth drivers for QNX. GEM remains the company's fastest-growing segment, extending opportunities beyond automotive into robotics, industrial automation, medical devices and other safety-critical applications. The company believes Physical AI will continue to increase demand for technologies that offer safety certification, reliability and real-time determinism.
BlackBerry also continues to make progress with Alloy Kore, which is expected to expand its role from an operating system provider to a platform provider, increasing software content per vehicle and supporting future backlog growth. Partnerships with NVIDIA Corporation NVDA, Qualcomm, Arm and other silicon ecosystem leaders continue to strengthen its position across next-generation intelligent systems.
Secure Communications also performed well in first-quarter fiscal 2027, supported by stabilizing fundamentals, improving customer retention and increasing government demand. Revenue exceeded guidance, while annual recurring revenue grew year over year. Growth benefited from the expansion and multiyear extension of its agreement with Shared Services Canada, which increased deployment of Secusmart's encrypted voice, data and video solutions.
The company also secured renewals, expansions and new customer wins across government, defense and regulated industries in North America and Europe. BlackBerry stated that demand remains healthy across both QNX and Secure Communications, supported by a growing pipeline, expanding backlog and continued customer engagement.
Taking a Look at BB’s Competitors
CrowdStrike CRWD remains well-positioned to benefit from sustained cybersecurity demand as customers consolidate tools on the Falcon platform and expand module adoption through subscriptions and Falcon Flex. AI-led launches, including agent-based workflows, broader data and browser protection, and deeper partnerships across the cloud ecosystem, support cross-sell and renewals over time. Recent acquisitions in identity and browser runtime security extend the platform’s addressable use cases, while the company’s liquidity and cash generation provide the flexibility to keep investing. The company also raised its fiscal 2027 net new ARR growth guidance by 520 basis points at the midpoint and updated its full-year guidance to include total revenues of $5.91-$5.95 billion and ARR of $6.53-$6.55 billion.
Palo Alto Networks PANW continues to benefit from higher cybersecurity priority as enterprises deploy AI and look to consolidate vendors onto fewer platforms. Platformization is translating into larger commitments, supported by expanding next-generation security ARR and RPO, and management guidance implies continued growth in the fourth quarter of fiscal 2026. Momentum in Network Security, SASE and Prisma AIRS, along with early execution on the CyberArk and Chronosphere integrations, supports the long-term revenue mix shift toward recurring software and free cash flow. For fiscal 2026, Palo Alto Networks now expects revenues in the range of $11.41 billion to $11.42 billion, suggesting year-over-year growth of 24%.
BB Price Performance, Valuation & Estimates
Shares of BlackBerry have surged 27.8% in the past month against the Internet-Software industry’s decline of 9.9%.
Image Source: Zacks Investment Research
Regarding the price/book ratio, BB is trading at 9.74, higher than the industry’s multiple of 4.39.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BB earnings for fiscal 2027 has been unchanged over the past 60 days.
Image Source: Zacks Investment Research
BlackBerry currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Can BlackBerry's QNX and Secure Comms Growth Drive Further Gains?

BlackBerry Limited BB transformation is increasingly being driven by QNX, whose expanding presence in software-defined vehicles and embedded systems is creating a longer runway for growth. While BlackBerry still faces execution risks and its valuation already reflects much of the recent optimism, improving fundamentals are changing how investors evaluate the company.
BB Builds on QNX Momentum
QNX has clearly become BlackBerry's primary growth engine.
During the fiscal first quarter of 2027, QNX generated approximately $72 million in revenue, increasing 26% year over year while delivering another Rule of 40 quarter through a combination of strong revenue growth and profitability.
Image Source: Zacks Investment Research
One of the quarter's most encouraging developments was the development license revenue reaching its highest level in eight quarters. Because development licenses are typically purchased years before vehicles enter production, they serve as an early indicator of future royalty revenue and expanding customer adoption.
Software-defined vehicles remain the largest opportunity, with automakers requiring increasingly sophisticated operating systems capable of supporting centralized computing architectures and multiple safety-critical domains. BlackBerry continues to secure new automotive design wins across advanced driver assistance systems, cockpit platforms and commercial vehicles while expanding deployments of its latest SDP 8 platform.
Growth is also broadening beyond automotive through the General Embedded Markets (GEM) business. Robotics, industrial automation, medical devices and semiconductor equipment all represent attractive expansion opportunities where deterministic, safety-certified operating systems are increasingly required.
Management also views Physical AI as an emerging long-term catalyst. As intelligent machines become more autonomous, demand for highly reliable, safety-certified software platforms should increase, positioning QNX to benefit from applications extending well beyond automobiles.
BlackBerry Limited Price and Consensus
Another potential growth driver is Alloy Core, a platform designed to simplify software-defined vehicle development. Rather than supplying only the operating system, Alloy Core could significantly increase software content per vehicle, expand average selling prices and generate larger future royalty streams if customer adoption continues.
Strategic partnerships with NVIDIA NVDA, Qualcomm QCOM and Arm further strengthen BlackBerry's ecosystem by positioning QNX alongside many of the industry's leading silicon providers. These relationships could help accelerate adoption across automotive and broader embedded computing markets.
BlackBerry Raises Financial Expectations
BlackBerry's improving execution has prompted management to raise its fiscal 2027 outlook.
Following stronger-than-expected first-quarter results, management increased full-year revenue guidance to a range of $594 million to $621 million from the prior outlook of $584 million to $611 million. The improved forecast reflects stronger expectations for both QNX and Licensing.
First-quarter results demonstrated growing operating leverage across the business. Revenue climbed to approximately $153 million, above management's guidance range, while adjusted EBITDA more than doubled year over year to roughly $36 million. Gross margin expanded to approximately 79%, and the company generated positive operating cash flow of roughly $5 million during what management described as a seasonally weaker quarter.
BlackBerry also expects operating cash flow to improve significantly during fiscal 2027, with management forecasting approximately $100 million for the full year. Continued margin expansion, improving profitability and stronger cash generation suggest the company's restructuring efforts are increasingly translating into sustainable financial performance.
How BB Ratings Reflect the Current Setup
BlackBerry currently carries a Zacks Rank #2 (Buy), reflecting improving earnings expectations and favorable near-term fundamentals. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock also has a Growth Score of A, consistent with accelerating revenue growth, expanding margins and improving cash generation. However, BlackBerry's Value Score of F and Momentum Score of F indicate that shares appear relatively expensive following their strong rally and have weaker characteristics under those investment styles. Combined, these produce a VGM Score of D.
Taken together, these ratings present a balanced investment picture. The improving business outlook supports the positive Zacks Rank, particularly as QNX continues expanding into software-defined vehicles and embedded markets. At the same time, weaker Value and Momentum Scores suggest much of the recent operational improvement may already be reflected in the share price.
For investors, the investment thesis increasingly depends on BlackBerry's ability to convert its expanding QNX pipeline into sustained revenue growth and higher long-term cash generation.
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Should Investors Bet on BlackBerry's Increasing QNX Momentum?

Several long-term technology trends are converging around embedded software, cybersecurity and intelligent connected systems, creating new opportunities for companies that provide the foundational software powering these environments. As AI increasingly moves from the cloud into physical devices, demand is rising for secure, deterministic operating systems capable of supporting safety-critical applications.
BlackBerry Limited BB is positioning itself at the center of these structural shifts through its QNX business, which has evolved well beyond its automotive roots. While software-defined vehicles remain a major growth driver, the company is also expanding into robotics, industrial automation, healthcare and other embedded markets where reliability, security and real-time performance are essential. Combined with its Secure Communications business and growing ecosystem of technology partners, BlackBerry is building a broader platform designed to capitalize on the next generation of intelligent connected systems.
BB Expands Beyond Automotive
Although automotive software continues to represent QNX's largest market, BlackBerry is steadily reducing its dependence on any single industry by expanding across the broader General Embedded Markets (GEM).
Management describes GEM as QNX's fastest-growing business, encompassing robotics, industrial automation, medical devices, semiconductor equipment and other safety-critical embedded applications. While these projects are generally smaller than automotive programs, their higher volume significantly expands BlackBerry's long-term addressable market.
Recent design wins illustrate this diversification. During the fiscal first quarter, BlackBerry secured a royalty commitment from a leading semiconductor equipment manufacturer while expanding its existing relationship with medical diagnostics company Luminex through an upgrade to the latest SDP 8 platform. These wins complement continued automotive momentum and demonstrate growing demand across multiple embedded industries.
Expanding beyond automotive also helps diversify future royalty streams. Rather than relying exclusively on vehicle production cycles, BlackBerry is building exposure to multiple industries that increasingly require secure, safety-certified operating systems as digital transformation accelerates.
BlackBerry Benefits From Physical AI
Unlike traditional generative AI applications that primarily process information, Physical AI enables autonomous machines to perceive, make decisions and interact safely with the physical world. These systems require deterministic operating systems that deliver predictable responses under all operating conditions—a capability that distinguishes QNX from conventional software platforms.
Management believes automotive has effectively become the proving ground for Physical AI because modern vehicles function as highly sophisticated robots operating in complex environments. As robotics, autonomous industrial equipment and intelligent medical devices become more capable, many of the same software requirements—including real-time performance, functional safety and cybersecurity—will become increasingly important.
Software-defined vehicles and centralized computing architectures further strengthen this opportunity. Automakers are consolidating dozens of electronic control units into centralized computing platforms that require highly reliable operating systems capable of managing multiple safety-critical domains simultaneously. QNX has continued expanding design wins across advanced driver assistance systems, centralized compute platforms and commercial vehicles, reinforcing its leadership in this transition.
BlackBerry also views Alloy Core as a potential long-term catalyst. Rather than serving only as the operating system, Alloy Core aims to position BlackBerry as a broader platform provider that simplifies software-defined vehicle development. If widely adopted, Alloy Core could substantially increase software content per vehicle, expand average selling prices and drive larger future royalty streams.
BB Gains From Trusted Partnerships
BlackBerry's competitive position is strengthened by an expanding ecosystem of strategic partners and longstanding customer relationships.
Within QNX, collaborations with NVIDIA NVDA, Qualcomm QCOM and Arm position the operating system alongside many of the industry's leading semiconductor platforms. These relationships help integrate QNX into next-generation intelligent edge systems while serving as important sales channels for future deployments across automotive, robotics and broader Physical AI markets.
Recent design wins further reinforce the company's position in mission-critical environments. During the latest quarter, BlackBerry secured new automotive programs spanning advanced driver assistance systems, driver monitoring systems, commercial vehicles and centralized computing platforms while also expanding deployments of its latest SDP 8 technology. Development license revenue reached its highest level in eight quarters, providing an encouraging leading indicator for future royalty growth as customers begin developing new software platforms years before production begins.
Beyond QNX, BlackBerry continues leveraging decades-long relationships with governments, defense organizations and highly regulated industries through its Secure Communications business. Growing demand for digital sovereignty and cybersecurity modernization has supported new customer wins and contract expansions across North America and Europe, reinforcing the company's reputation in environments where security certifications and reliability remain critical competitive advantages.
How BB Ratings Support the Trend Story
BlackBerry currently carries a Zacks Rank #2 (Buy), reflecting improving earnings expectations and constructive near-term sentiment following stronger operating performance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company also earns a Growth Score of A, supported by expanding QNX opportunities, improving profitability, stronger cash generation and multiple long-term technology trends that continue to broaden its addressable markets. These characteristics align well with investors seeking companies benefiting from secular growth themes.
At the same time, BlackBerry's Value Score of F and Momentum Score of F suggest that investors should remain mindful of valuation after the stock's substantial 2026 rally. Together, these produce an overall VGM Score of D, indicating that much of the improving outlook is already reflected in the current share price.
Taken together, BlackBerry's ratings support a balanced investment case. Improving earnings expectations and expanding opportunities across Physical AI, software-defined vehicles and embedded systems reinforce the company's long-term growth potential. However, investors should weigh those favorable industry trends against richer valuation metrics and the execution required to fully capitalize on these emerging markets.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

BlackBerry's QNX Positions it for Physical AI & Smart Vehicle Growth

The NASDAQ 100 Pre-Market Indicator is up 244.55 to 29,362.79. The total Pre-Market volume is currently 184,407,727 shares traded.
The following are the most active stocks for the pre-market session:
NN, Inc. (NNBR) is +1.31 at $4.07, with 39,045,126 shares traded. NNBR's current last sale is 67.83% of the target price of $6.
PetMed Express, Inc. (PETS) is +0.5187 at $2.28, with 11,248,104 shares traded. PETS's current last sale is 74.1% of the target price of $3.075.
Comcast Corporation (CMCSA) is +5.38 at $28.55, with 7,275,313 shares traded. CMCSA's current last sale is 89.22% of the target price of $32.
iShares Bitcoin Trust ETF (IBIT) is +0.35 at $34.20, with 5,642,567 shares traded. This represents a 4.14% increase from its 52 Week Low.
Defiance Daily Target 2x Short RKLB ETF (RKLZ) is -0.7895 at $3.22, with 4,971,217 shares traded. This represents a 92.84% increase from its 52 Week Low.
ProShares UltraPro QQQ (TQQQ) is +2.8798 at $74.71, with 3,448,105 shares traded. This represents a 100.19% increase from its 52 Week Low.
Nokia Corporation (NOK) is -0.2 at $12.81, with 3,030,183 shares traded. As reported by Zacks, the current mean recommendation for NOK is in the "buy range".
Redwire Corporation (RDW) is +0.74 at $11.67, with 1,467,467 shares traded. As reported by Zacks, the current mean recommendation for RDW is in the "buy range".
BitMine Immersion Technologies, Inc. (BMNR) is +0.3 at $13.86, with 968,541 shares traded. As reported by Zacks, the current mean recommendation for BMNR is in the "buy range".
BlackBerry Limited (BB) is -0.02 at $11.38, with 864,751 shares traded., following a 52-week high recorded in prior regular session.
Alibaba Group Holding Limited (BABA) is +1.09 at $95.90, with 745,362 shares traded. As reported by Zacks, the current mean recommendation for BABA is in the "buy range".
Virgin Galactic Holdings, Inc. (SPCE) is +0.13 at $3.08, with 687,138 shares traded. SPCE's current last sale is 99.35% of the target price of $3.1.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Most Active for Jun 29, 2026 : NNBR, PETS, CMCSA, IBIT, RKLZ, TQQQ, NOK, RDW, BMNR, BB, BABA, SPCE

Key Points
BlackBerry's sales and profits are growing at an impressive clip.
The tech company is a key supplier to the automotive tech and robotics industries.
Shares of BlackBerry (NYSE: BB) rose sharply on Friday after the software specialist's earnings topped investors' expectations.
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BlackBerry is now an AI play
BlackBerry's revenue jumped 26% year over year to $152.9 million in its fiscal 2027 first quarter, which ended on May 31.
The former smartphone maker now provides a secure, real-time operating system known as QNX that's used in fast-growing markets like automotive technology, industrial automation, medical devices, and robotics.
BlackBerry's QNX revenue climbed 26% to $72.3 million. The division is also becoming more profitable as it expands, with its adjusted gross margin improving by 5 percentage points to 86%.
"In QNX, we continue to benefit from the long-term trends we have discussed for several quarters, including software-defined vehicles, centralized compute, the general embedded market, and physical AI," CEO John Giamatteo said during a conference call with analysts.
All told, BlackBerry's adjusted net income soared 135% to $25.4 million, or $0.04 per share. That bested Wall Street's estimates, which had called for per-share profits of $0.03.
Management sees more growth ahead
BlackBerry guided for full-year revenue of $594 million to $621 million, with adjusted earnings per share of $0.16 to $0.20.
"Demand across our markets remains healthy," Giamatteo said. "Customer engagement is strong, our backlog continues to expand, giving us confidence in our outlook and in the disciplined execution that gets us there."
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends BlackBerry. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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