Canadian smartphone maker, BlackBerry has finally taken a step back from the smartphone industry, after years of struggling to stay in the smartphone market, the company today announced they will no longer be focusing on designing and producing smartphones, instead they will focus on making software.
BlackBerry CEO John Chen said in a statement:
The company plans to end all internal hardware development and will outsource that function to partners. This allows us to reduce capital requirements and enhance return on invested capital.
BlackBerry reported a net loss of $372 million on a revenue of $334 million, thus breaking even. This may be sad news for some, however with large market rivals such as Apple and Samsung this is a smart move, considering their smartphones weren’t able to keep up with the competition, for now.
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