The BlackBerry Ltd (NASDAQ:BBRY) company has been facing increasing losses and a declining buyout diagnoses is now going to lower its employees and also the product line and now planning to refocus on the market trends.The Waterloo, Ontario-based company reported in the last week that it is going to cut down 4,500 of its jobs and will take a write-down of $960 million for its unsold item Z10 phone which is a touch-screen device launched in competition of iPhone.
Chief Executive Officer Thorsten Heins says that Z10 phone may become BlackBerry’s new star, which is restoring prosperity to a one-time smartphone brand. On the other hand the model failed and contributed as weakest quarterly sales in six years of the company.
Fairfax Financial Holdings Ltd is one of BlackBerry’s largest inventors, has communicatedwith some private companies to have some buyer. Colin Gillis says that’s BlackBerry, has no other option instead to zero in business customers and try to think of ways to have more profits.
The shares of the company have dropped to 7.6% equivalent to $8.13 BlackBerry Ltd (NASDAQ:BBRY) has acredit of inventing first smartphones in the world, company products which were sold became so famous that they were called as CrackBerrys. In recent years, the company failed to keep the pace with other companies like Apple Incand Samsung Electronics which offer a wider range of applications. BlackBerry’s shares in the world market reduce to 2.9 percent in the second quarter which earlier was 4.9 percent. Still the company continues to launch new products.
The Z10 Smartphone was launched by the BlackBerry in-order to compete with other touch screen phones. The company is basically popular for having its physical keyboards, which were famous in bankers and lawyers. On the other hand the smart phone Z10 failed to compete with the other smartphones.
The company made a board committee in the last month in-order to check the sales of the products. Fair fax held a 9.9 percent stake in BlackBerry as of June 30.Its been reported that company still has very much importance in its books. Company had $2.6 billion in cash and equivalents at the end of last quarter, down from $3.1 billion three months earlier. In this situation the buyer may shut-down its hardware business.