Blackberry shares soared after the company beat analysts earnings forecasts. John Chen, CEO of Blackberry, joined us to break down the results.
Blackberry's results were boosted by an increase in business software sales and licensing revenue. Chen says Blackberry has 2 major focuses. The first is the enterprise software business and the other is the auto sector. Blackberry has been in the auto business for 8-10 years, but made a bigger push about 4 years ago, he points out.
Chen says there are 60 million cars on the roads using blackberry software. Looking forward, the company is working on designing new components such as lane-changing and communication capabilities with other cars and infrastructure. He sees a huge opportunity in the space, emphasizing that about 100 million cars are made every year.
Roku was among those businesses impacted by the fall of Silicon Valley Bank, having around 26 percent of its cash and cash equivalents deposited at the bank.
The U.S rushed to seize the assets of Silicon Valley Bank after a run on the bank, the largest failure of a financial institution since Washington Mutual during the height of the financial crisis more than a decade ago.
