BlackBerry wins vote of confidence from Swiss National Bank

BlackBerry (BlackBerry Stock Quote, Chart, News, Analysts, Financials TSX:BB) hasn’t had a whole lot of fans of late, but one of them has just doubled down on the Canadian former tech giant.

As reported it Defense World, Swiss National Bank increased its share in BlackBerry by 1.7 per cent in the second quarter of 2023, according to documents filed with the U.S. Securities and Exchange Commission.

The Swiss National Bank now owns 1,219,350 shares of the Waterloo, Ontario-based company.

Founded in 1905, The Swiss National Bank reported reserves of (US) $940-million in 2022. According to Fintel, The bank currently holds positions in tech giants such as Apple, Amazon, Microsoft, NVIDIA and Alphabet.

Shares of BlackBerry have stablilized after being pumeled following its second quarter results in September. On September 28, the company reported its Q2, 2024 results. BlackBerry lost $47-million on revenue of $132-million, down 21 per cent from the $168-million it posted in the same period a year prior. Decade-long CEO John Chen resigned soon after the results.

At press time, shares of BlackBerry on the TSX were down 0.4 per cent to $4.97.