BlackBerry Ltd (BBRY) Has Not Yet Given Up; There Are Range of Products In The Pipeline: John Chen

BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) is working on a range of products according to CEO, John Chen. During an interview with Fox Business, the executive, however, failed to confirm whether they were working on another Android-powered devices or simply BlackBerry 10. The sentiments all but dismiss the notion that BlackBerry Priv could be the company’s last product in the handset business.

Market to Determine Handset Business Future

The confirmation follows the unveiling of BlackBerry 10 seen as a ‘Hail Mary’ attempt by the Canadian company after years of disappointments. How well the new device performs in the market could have a huge impact on how the company carries itself in the hardware business going forward.

“I am going to let the market tell me. Hail Mary is the wrong word. It’s been planned for a couple of years. I keep telling people I am not going to give up the phone business, and we have a range of products after this,” said Mr. Chen.

BlackBerry Ltd (NASDAQ:BBRY) is looking to relieve its golden years where it controlled 71% market share in the smartphone business. How successful it will be on this front remains to be seen as the company currently controls a mere 1% market share. The company has paid the price of failing to meet the demands of the young folks with its devices.

Chen believes they have now addressed all the things that lacked in the previous models with the new Android-powered device

“If this phone, which we believe there is every reason to believe that this phone will be successful, successful meaning being receptive to the younger generation […] then we will be able to rebuild our phone business,” said Mr. Chen.

Chen’s Target

Gaining 71% market share with BlackBerry Priv is obviously unrealistic according to the executive. However, he expects the new phone to drive the market share above the current 1% mark. Opening up the ecosystem to support a wide array of applications could help drive sales according to the executive.

AT&T Inc. (NYSE:T) is the sole carrier at the moment, which could considerably suppress sales in the short term. BlackBerry Ltd (NASDAQ:BBRY) has however confirmed that it is planning to make the new smartphone available on other carriers as well.

BlackBerry Priv goes for $700 off-contract making it one of the most expensive Android smartphones in the market. Whether the new phone can reinvigorate BlackBerry Ltd (NASDAQ:BBRY) prospects in the handset business is a big question that will become clear in the coming months.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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