BlackBerry Stock Soars At First Quarter; Company To Regain Its Pride After Relying on Software Technology
BlackBerry was a lost name in mobile industry until it has reappeared with some cool pieces of technologies. The company was focusing more on hardware rather than focusing on software and so, it has lost the battle to Apple and many other tech firms manufacturing Android phones. But now Blackberry has found a new life with an innovative range of Smartphone.
Shares of Blackberry i.e. BBRY, Tech 30 surged nearly 15% on Friday after the company reported sales that topped Wall Street's forecasts. The company also estimated with its adjusted profit that excludes restricting charges and other expenses. The shares of the company were decreased around 95% in 2008.
The company has lost $47 million in its most recent quarter and $1.2 billion for the full fiscal year. It is well-known that the company's business phone is essentially dead. The company is now transforming its identity from an old school Smartphone company manufacturing physical keyboards to an innovative firm.
The CEO of BlackBerry John Chen stated on Friday that the company expects to report a real profit this fiscal year. Not only an actual profit after accounting for one-time charges. Investors are also happy that the company is no longer burning cash on old technologies, but still, investors were worried Blackberry might run out of money.
The company has finished the first quarter with $1.7 billion on the book which will be near $90 million at the end of the year. The company has switched from hardware to software of BlackBerry. And it seems that the company has to experience a pretty good result in its sales.
The company has stated that it would stop manufacturing phones and would outsource the production of BlackBerry branded phones to other companies. BlackBerry phones have the huge fan following including Former President Barack Obama and model and actress Kim Kardashian. Although the company has adopted the software system late, the company was too late for the Smartphone game.
