Boston, MA 04/10/2014 (wallstreetpr) – BlackBerry Ltd (NASDAQ:BBRY), formerly known as Research in Motion, is a $4 billion organization which manufactures and markets mobile communication solutions.
Besides the name, many things have changed in the company in recent times. Once considered the pioneer of smartphone, the company lost a lot of its market share in the smartphone market and is currently only trying to gain ground again.
Five months ago BlackBerry secured financing to fund its comeback, having missed an opportunity to go private. Its largest shareholder Fairfax Financial failed to raise adequate funds to purchase the company.
Right man for the job
Following the decision by BlackBerry to pursue turnaround instead of going private, management changes were made in the company. John Chen who helped turnaround the software company Sybase was tapped to leading BlackBerry turnaround. Fairfax that contributed $1 billion towards the turnaround agreed with the decision to install Mr. Chen as the CEO, and that position has not changed five months on.
Fairfax Chairman and CEO Prem Watsa told investors Wednesday that he was happy with how Mr. Chen is running BlackBerry Ltd (NASDAQ:BBRY). He noted that the turnaround journey is progressing well and observed that Mr. Chen is the perfect man for the embattled mobile company.
All are watching
Investors who injected funds to boost BlackBerry Ltd (NASDAQ:BBRY) turnaround are closely monitoring the progress. The investors are interested in seeing the company returning to profitability again.
Towards the turnaround, the company can be seen going back to the roots. It is courting enterprise customers to attract business to its enterprise mobile communication security. At the same time, the company is working on low-cost-smartphones to gain market share in the handset business. Towards this end, BlackBerry Ltd (NASDAQ:BBRY) joined forces with Foxconn, a Taiwan company, to take over the responsibility of its low-cost smartphone manufacturing. Under that arrangement, the companies are working on a number of new releases including BlackBerry Z3 and BlackBerry Kopi.
