Blackberry Stock Plunges On News Of Apple/IBM Partnership

Partnerships puzzle feature
What's Next In Payments®
7:00 AM EDT July 17th, 2014

Just when things were starting to look up for Blackberry, Apple has swooped in and  disrupted it … again.

Until now, things had been looking like a turnaround might be possible for Blackberry — its stock price was up 35 percent on the year as investors bought in new CEO John Chen’s strategy of cultivating the business market for its phones.

Then Apple and IBM announced on Tuesday that they are partnering to custom design a new set of business applications to run exclusively on iOS, at which point Blackberry’s stock price plunged 12 percent. Apple, on the other hand, saw its stock price rise to year highs on the announcement, and IBM’s stock went up about 2 percent.

Blackberry is not completely out of moves just yet.  The company reported an increase in its cash position in its most recent quarter. Blackberry is also moving to use its QNX software to tap into the auto and connected home markets.  It also finally has access to a decent app store. BlackBerry 10.3 customers will be able to access Android apps on Amazon’s app store later this fall.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

 

Comments
Also by This Author
What's Hot
Mobile Commerce
MasterCard CEO: MasterPass Starts Where Apple Pay Stops
News
Credit Unions, Retail Groups Finger-Pointing On Payment Security
Merchant Innovation
Q3 Results Highlight Groupon’s Growing Pains
International
Alibaba Protects Its 11/11 “Singles Day” Turf
View All Articles ››
You May Also Like
Loyalty & Rewards
Starbucks Claims 90 Percent Mobile Payments Market Share
Loyalty & Rewards
Payment History Firm Pulls In $70 Million Investments
Loyalty & Rewards
What’s Next For Apple Pay? Loyalty ― And Soon
B2B Payments
Mack Trucks Getting Into The Loyalty Card Biz
View All Articles ››