Why BlackBerry Ltd. (BB) Skyrocketed?

We recently published a list of 10 Biggest Gainers of Last Week. In this article, we are going to take a look at where BlackBerry Ltd. (NYSE:BB) stands against other biggest gainers of last week.

Investors gobbled up shares of predominantly technology companies last week, following announcements of multi-billion dollars of investments, quantum technology backing, and new contracts, among others. Let’s take a look at last week’s Top 10 Gainers and explore the reasons behind their impressive performance.

To come up with the biggest winners of last week, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A research engineer surrounded by hardware, demonstrating the company’s secure container offerings.

BlackBerry Ltd. (NYSE:BB)

Shares of Blackberry traded sideways during last week’s trading before gaining momentum to end the day up by 34.18 percent to $3.68 apiece from the $2.75 registered on Monday.

Investors snapped up shares of BlackBerry following news that it beat its earnings projections in its fiscal third quarter of the year—with a net income of $12 million and revenues of $162 million.

The revenue figure included $19 million in revenue from Cylance, BlackBerry’s cybersecurity arm.

Last week, Blackberry announced that it agreed to sell the Cylance unit to Artic Wolf Networks Inc for $160 million and 5.5 million Arctic Wolf shares. After allowing for the purchase price adjustments, BlackBerry will receive approximately $80 million of cash at closing and approximately $40 million of cash one year following the closing.

Blackberry said that the proposed transaction is subject to customary closing conditions and is expected to close in BlackBerry’s fourth fiscal quarter.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.