Blackberry Ltd (NASDAQ:BBRY) is now through with the first phase of its recovery plan slated to be complete in two years, according to the company’s chief executive John Chen, who assumed leadership of the beleaguered mobile technology company last year. Chen has helped to revive the struggling company by broadening app offerings, forging partnerships to minimize costs, and selling assets. The company’s real estate holdings in its homebase Waterloo, Ontario, was also sold.
Chen’s strategy for reviving Blackberry Ltd (NASDAQ:BBRY) includes his focus on Enterprise Services and BBM with its new smartphones. The company, under Chen’s leadership, is set to release a “core set of smartphones” that it believes will make it in the market. In an interview with Reuters, Chen explained that attempting to offer the public too many new devices would strip the company of much needed financial resource. Profitability is the ultimate goal, and Chen is eyeing for Blackberry to achieve this completely by 2016.
Chen’s one year at its reins has proven beneficial for Blackberry Ltd (NASDAQ:BBRY), as the company has seen a gradual return of investor confidence. Shares of the company has risen about 2.6%, accounting for rough 38 percent increase this year. The latest improvement for the company has come as 7.8 million units of its shares was bought in the third quarter by the Ontario Teacher’s Pension Plan, a pension fund management organization which is known as one of Canada’s top investors.
Blackberry Ltd (NASDAQ:BBRY) announced a profit from its handset business in September for the first time in 5 quarters, even as rivals such as Samsung Electronic Co Ltd (KRX:005930) and Apple Inc. (NASDAQ:AAPL) have continued hurting Blackberry’s past market dominance. The profits, which was derived on an adjusted basis, was reported even as orders for the company’s new Passport have increased. The keyboard smartphone, targeting corporate users, was released in the same month.
Blackberry Ltd (NASDAQ:BBRY) has once again been included in Thomson Reuters Top 100 Global Innovators list for the year 2014. According to the report, Blackberry has made significant strides in reviving its business. It also noted the company for making an effort to establish a separate unit to handle its patent portfolio and launching its own smartphone, the Blackberry Passport.
This article has been written by Nonito Guntan.