BlackBerry beats sales estimates and turns a profit.
BlackBerry (ticker: BB.canada) posted better than expected revenues on Tuesday with a net profit of $74 million in the quarter ended November, compared with a $130 million loss the previous year. The increased sales seem to have been a result of the larger number of customers moving to cloud-based software, especially as many started working from home.
The company said revenue fell to $138 million in the last quarter, compared with $218 million in the same period the previous year. The company earned a whopping $128 million in revenue from cyber-security.
The stock dropped 5% after jumping more than 4% Tuesday.
Elon Musk stirs the pot again, sells more stock.
Elon Musk sold more Tesla stock on Tuesday and said he had reached his 10% target in a podcast interview. Musk has been selling Tesla stock for the past six weeks, as well as exercising his stock options. “I sold enough stock to get around 10% plus the option-exercise stuff, and I tried to be extremely literal here,” said Musk in an interview. On Tuesday, the stock initially rose 4.3% and looked determined to rise higher, climbing 2% in pre-market trading.
According to a Securities and Exchange Commission filing, Musk sold close to 584,000 shares and exercised two million more options. Since posting the tweet that started it all in November, Musk has sold around 13.5 million shares.
The ostensible reason behind the sale seemed to have been the proposal forwarded by Democrats to tax billionaires’ unrealized tax gains, which he heavily criticized. Musk said on Sunday that he would pay more than $11 billion in taxes this year.
In his initial tweet, Musk wrote, “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” he said before asking users to vote “yes” or “no”.
Meta, Twitter and Amazon won’t be attending CES 2022.
The annual CES technology conference will be held in Las Vegas next month, but companies such as Meta, Twitter and Amazon have already announced that they won’t be in attendance. The rising Covid-19 infection rates across the globe seem to be causing more fear than was previously anticipated, with companies and people alike opting to err on the safer side.
Media outlets such as The Verge and TechCrunch also announced that they wouldn’t be sending reporters to cover the conference, scheduled to begin Jan 5. Meta (ticker: FB) released a statement saying, “Out of an abundance of caution and care for our employees, we won’t be attending CES in-person due to evolving public health concerns related to covid- 19.”
Twitter (ticker: TWTR) also said it would attend virtually because of the spike in Covid cases across the country in the past week. The company added that it would continue to monitor the situation in the coming weeks and find other opportunities to connect with different stakeholders.
The Consumer Technology Association, the event’s key organizers, said it expects 50,000- 75,000 people in attendance at the Las Vegas Convention Center and other venues. Gary Shapiro, CTA Chief Executive, said that its exhibitor count was rising, not dropping as had been rumoured.