Brendan McDermid/Reuters
- BlackBerry soared as much as 40% on Monday as it extended its gains from a patent settlement with Facebook announced earlier this month.
- Since the announcement, shares of BlackBerry have more than doubled to the $20 level.
- The terms of the patent settlement between the two technology companies weren’t disclosed
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BlackBerry extended its week-long rally on Monday and soared as much as 40% as investors continue to bid up shares following its settlement of a patent dispute with Facebook.
BlackBerry traded above the $20 level on Monday for the first time since 2011, when it was still selling phones.
Since the settlement, shares of BlackBerry have soared more than 100%. Terms of the patent settlement have not been disclosed.
BlackBerry sued Facebook in 2018 for patent infringement related to the company’s messaging technology, but it wasn’t until December that a judge began to rule in its favor.
The victory for BlackBerry has been one of many for the company in recent months. In December, the firm partnered with Amazon’s AWS unit to develop a cloud connected software platform for smart vehicles.
Since the shuttering of its hardware unit, BlackBerry has pivoted to providing enterprise software and cybersecurity services.
Blackberry shares traded up 202% year-to-date as of Monday's open, and it's market capitalization approached $10 billion.