Blackberry Stock Plunges On News Of Apple/IBM Partnership
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.
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