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.”