BlackBerry Ltd (BBRY)’s Chance of Survival is Now 99%
John Chen: BlackBerry Ltd (BBRY)’s Chance of Survival is Now 99%
By Aman Jain
BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) John Chen was doubtful of the company’s success earlier, when he said that the chances of success were 50-50, and later raised to 80-20, but now he says he is 99% confident of its success.
BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) has been going through a phase of turnaround under the leadership of its new CEO John Chen, who has taken serious measures for converting the company into a profitable one. The results are there to see with the company releasing the earnings report for third-quarter.
Chen now more confident on BlackBerry
The company reported positive cash flow for the recent quarter along with an EPS of 1 cent showed by operating earnings. If we look at it on a net basis then the earnings were (28) cents a share. After the earnings announcement, the CEO chose to talk about his plans for company’s turnaround with Emily Chang of Bloomberg.
Chen is very much confident that his efforts for turnaround will pay off well, and is 99% sure of the company’s success. He further informed that next June new software will be introduced by BlackBerry after which people who use two devices for keeping work and personal life separate will be more inclined to use a BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) instead.
Chen expects big from Classic
Most of the potential buyers of the BlackBerry Classic belong to the installed base informed Chen. The hardware of BlackBerry Bold 9900 was very much popular among the buyers and the Classic device is the right choice for them as it combines the popular hardware with BlackBerry 10.3.1 OS that comes with the BlackBerry Assistant. Chen sees Classic as device that would add new buyers along with regaining the lost buyers, who were once fond of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) devices.
In the last quarter, the company was able to sell 93% of its inventory as informed by Chen. This news means a lot for the CEO and for the investors He further informed that the company has been successful at shrinking lead times and is also trying to meet up with the back orders for the Passport.