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BlackBerry pulls life support for once-indispensable business smartphone

01/04/2022 | 07:13am EDT
FILE PHOTO: The new Blackberry Classic smartphone is displayed during the launch event in New York

(Reuters) - BlackBerry Ltd is pulling the plug on service for its once ubiquitous business smartphones, which were toted by executives, politicians and legions of fans in the early 2000s.

The move marks the end of an era as the phones, which sported a tiny QWERTY physical keyboard, pioneered push email and the BBM instant messaging service.

Former U.S. President Barack Obama, one of its most celebrated users, made headlines in 2016 when he was asked to give up his BlackBerry and replace it with an unnamed smartphone.

Blackberry lost favor with users with the advent of Apple's touchscreen iPhones and rival Android devices. In recent years, the company pivoted to making cybersecurity software and embedded operating systems for cars.

Social media was alight with tributes. One Twitter user reminisced it was a "fabulous machine" and hoped the company's phones would be resurrected.

In a document published in 2020, the company said it would take steps to decommission legacy services for BlackBerry 10 and BlackBerry OS operating systems and added devices running on them would no longer be supported and may not be able to receive or send data, make phone calls or send messages reliably.

A U.S. judge on Monday rejected the company's bid to dismiss a lawsuit claiming it defrauded shareholders by inflating the success and profitability of smartphones using BlackBerry 10 OS, and said the class-action case could go to trial this fall.

(Reporting by Akash Sriram and Subrat Patnaik in Bengaluru; Editing by Krishna Chandra Eluri and Saumyadeb Chakrabarty)


© Reuters 2022
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Financials (USD)
Sales 2023 690 M - -
Net income 2023 -224 M - -
Net Debt 2023 333 M - -
P/E ratio 2023 -15,3x
Yield 2023 -
Capitalization 3 409 M 3 409 M -
EV / Sales 2023 5,43x
EV / Sales 2024 4,57x
Nbr of Employees 3 325
Free-Float 98,8%
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Number of Analysts 8
Last Close Price 5,91 $
Average target price 6,64 $
Spread / Average Target 12,4%
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Managers and Directors
John S. Chen Executive Chairman & Chief Executive Officer
Steve Rai Chief Financial Officer
Charles Eagan Chief Technology Officer
Christopher Hummel Chief Information Officer
Randall Cook Secretary, Chief Legal, Compliance & Risk Officer
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