In the midst of the smartphone competition, Blackberry decided to step down from the game and agreed to be acquired by a Canadian investment firm Fairfax Financial for $4.7 billions (USD). With the new launch of the Iphone 5s and 5c, BlackBerry shocked investors with a $1 billion loss for the second quarter, mainly due to the lack of interest of the BB10. The company plans to eliminate 4500 jobs, cut operating costs in half and retreat from the consumer market. Whether or not this transaction is a smart move or not, the chairman of Fairfax believes that "this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees".
The company also plans to writedown up to $960 million in second quarter and book $72 million of restructuring charge related to changes in operations (including previous layoffs). It is expected to have a loss of $950 - $ 995 million for the Q2; a projection of $1.6 billion in sales, far short of analyst expectations of $3 billions.
Related Information
Apple broke its records with sales over three days of 9 million of the new Iphone 5s and 5c; stock prices were up by 6% in premarket.
Source:http://www.vancouversun.com/technology/personal-tech/BlackBerry+stock+trading+halted+across+North/8948060/story.html
http://9to5mac.com/2013/09/23/aapl-stock-skyrockets-toward-500-in-pre-market-trading-following-9m-iphone-sales-and-high-end-guidance/
The company also plans to writedown up to $960 million in second quarter and book $72 million of restructuring charge related to changes in operations (including previous layoffs). It is expected to have a loss of $950 - $ 995 million for the Q2; a projection of $1.6 billion in sales, far short of analyst expectations of $3 billions.
Related Information
Apple broke its records with sales over three days of 9 million of the new Iphone 5s and 5c; stock prices were up by 6% in premarket.
Source:http://www.vancouversun.com/technology/personal-tech/BlackBerry+stock+trading+halted+across+North/8948060/story.html
http://9to5mac.com/2013/09/23/aapl-stock-skyrockets-toward-500-in-pre-market-trading-following-9m-iphone-sales-and-high-end-guidance/