Several Canadian companies may have staged a big turnaround in their industries, but none beats BlackBerry. After failing to become consistent in the highly competitive smartphone industry, BlackBerry has re-invented itself by investing significantly in the software industry. The company, under the leadership of its CEO John Chen has registered success in recent years. The company has seen vital product success and has begun to receive a significant return on its investments. So far in December 2020, the firm’s stock is up 24%. This is a trend John Chen should keep up to guarantee the company’s growth.
BlackBerry became famous for its production of cell phones. However, it is essential to know that it has shifted from the cell phone business to the software business, although the company is still licensing a number of its smartphone patents. Some of the company’s achievement in the area include;
– Landing big government contracts for Spark Suite. Some governments include the U.K Ministry of Defense and the U.S Air Force.
– 17 nations worldwide have adopted Secusmart.
– The company has managed to install its QNX software in more than 175 million cars
– The company has landed significant deals with giant firms like the Canadian Pacific Railway
While it is obvious the BlackBerry has improved in product success, until now, this investments have not translated to significant financial success. However, the company is expected to improve financially with some progress being registered on that front. BlackBerry delivered 0.11 dollars in Earnings per share in the last quarter, beating on both revenue and earnings. Investors were happy with the news, and this sent the stock rising significantly. One of the reasons that impacted the stock even more was a deal with Amazon.
BB’s deal with Amazon is considered to have had a significant impact on the stock. It was announced that Amazon would be collaborating with BlackBerry on autonomous vehicles. The partnership would see the collaboration of Amazon Web Services with BB on working together to develop BB IVY. BlackBerry IVY is a data platform for autonomous cars. Many automakers are preparing to use BlackBerry IVY in their vehicles, thanks to the joint venture. This would also benefit the company by receiving real-time feedback on how well the cars perform on the road.
Considering that self-driving cars are one of the next big things in tech, this is an important and promising development. BlackBerry will be one of the companies that would benefit significantly from the trend. The firm would also benefit handsomely from contracts with other automakers around the globe. Self-driving cars are currently being developed since the technology is already there, and many automakers are interested. The partnership between BB and Amazon is excellent news and will help the company grow even more.
In the last decade, the company’s stock may be the biggest in Canadian turnaround history. The company has turned its fortunes by going from a failing cell phone firm to one of the world’s biggest and fastest-growing software companies.
