Blackberry Stock Plunges On News Of Apple/IBM Partnership

Partnerships puzzle feature
What's Next In Payments®
7:00 AM EST 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
B2B Payments
eXelate Gets BPA Certification
B2B Payments
Fleet Telematic Firm Cuts Euro Deal
Apple Pay Tracker
Big Sales Expected For Apple On Black Friday
International
Holiday Shopping Starts Early For Global Shoppers
View All Articles ››
You May Also Like
Loyalty & Rewards
Nine Ways Mobile Is Changing Everything We Do
Alternative Financial Services
Innovation Investment Tracker | November 16-23
Loyalty & Rewards
10M Dunkin’ Donuts Downloads
Loyalty & Rewards
New App Replaces Grocery Coupons
View All Articles ››