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Shares of BlackBerry (BB - Free Report) surged more than 2.5% in early morning trading Thursday after CEO John Chen signed a new contract worth nearly $130 million that will keep him at the helm of the company’s turnaround for at least five more years.
Chen’s new pay package includes 10 million restricted stock grants, which are valued at $128 million based on Wednesday’s close. Half of these grants will pay out if share-price goals of $16 to $20 are met. The chief executive will also receive a cash bonus if BlackBerry’s stock hits $30 per share.
Chen has been an integral part of BlackBerry’s revival since taking over in 2013. He has reduced the company’s workforce by thousands and left the phone business entirely. The once-iconic mobile brand is now almost-entirely focused on security software, and it has ramped up efforts to pursue patent claims against other tech firms.
Most recently, BlackBerry filed a patent infringement lawsuit against Facebook , claiming that the social media behemoth copied technology and features from BlackBerry Messenger (also read: Facebook Hit by Blackberry Lawsuit, Legal Troubles Escalate).
BlackBerry’s new focus was rewarded by investors last year, with the stock adding nearly 100% in 2017. Shares of the software company are up an additional 17% since the start of 2018.
BlackBerry is expected to report its latest quarterly and full-year results on March 28. Based on our latest Zacks Consensus Estimates, we expect the firm to report adjusted earnings per share of $0.00 for the quarter and $0.09 for the fiscal year. This full-year results would represent year-over-year growth of 50%.
Want more market analysis from this author? Make sure to follow @Ryan_McQueeneyon Twitter!
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Image: Bigstock
Why Did BlackBerry (BB) Stock Pop Today?
Shares of BlackBerry (BB - Free Report) surged more than 2.5% in early morning trading Thursday after CEO John Chen signed a new contract worth nearly $130 million that will keep him at the helm of the company’s turnaround for at least five more years.
Chen’s new pay package includes 10 million restricted stock grants, which are valued at $128 million based on Wednesday’s close. Half of these grants will pay out if share-price goals of $16 to $20 are met. The chief executive will also receive a cash bonus if BlackBerry’s stock hits $30 per share.
Chen has been an integral part of BlackBerry’s revival since taking over in 2013. He has reduced the company’s workforce by thousands and left the phone business entirely. The once-iconic mobile brand is now almost-entirely focused on security software, and it has ramped up efforts to pursue patent claims against other tech firms.
Most recently, BlackBerry filed a patent infringement lawsuit against Facebook , claiming that the social media behemoth copied technology and features from BlackBerry Messenger (also read: Facebook Hit by Blackberry Lawsuit, Legal Troubles Escalate).
BlackBerry’s new focus was rewarded by investors last year, with the stock adding nearly 100% in 2017. Shares of the software company are up an additional 17% since the start of 2018.
BlackBerry is expected to report its latest quarterly and full-year results on March 28. Based on our latest Zacks Consensus Estimates, we expect the firm to report adjusted earnings per share of $0.00 for the quarter and $0.09 for the fiscal year. This full-year results would represent year-over-year growth of 50%.
Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>