Sunday, 5 December 2021

BlackBerry turnaround hopes fade

BlackBerry

LONDON: BlackBerry shares have been plunging from ther two-year high hit in June after lackluster earnings and competitive threats have raised doubts about prospects for a turnaround at the business software maker.

At Friday’s price of about $8.70, BlackBerry’s US-traded shares have lost a quarter of their value since reaching a high of $11.74 on June 1.

The stock had rallied from a low of $6.65 in early March on hopes for the company’s QNX industrial operating system for self-driving cars, but investors have started to reassess the yearslong effort by BlackBerry to move beyond the smartphones that made its name a household word.

“It’s been a turnaround story now for about five years,” said Joel Kulina, a technology-sector market maker for Wedbush Securities. “People don’t have the patience.”

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