BlackBerry: AT last, the Canadian company that invented the smartphone has stopped production of handsets. This shows admittance of defeat in a battle lost long ago to Apple and Samsung Electronics. With this development, the company said it is handing over production of the phones to overseas partners and turning its full attention to the more profitable and growing software business.
Hi-Tech gathered that the move is the formalisation of a move in the making since Chief Executive Officer, John Chen took over nearly three years ago and outsourced some manufacturing to Foxconn Technology Group. According to him, getting the money-losing smartphone business off BlackBerry’s books will also make it easier for the company to consistently hit profitability.
The Waterloo, Ontario based company, gained as much as 7.4 per cent, its biggest intraday jump since December. The shares were trading up 3.8 per cent to C$11.18 as at last weekend in Toronto. Read more