Vetr upgraded shares of BlackBerry from a hold rating to a buy rating and set a $10.38 price target for the company in a report on Monday, June 1st. It will also support Android for Work on the BES 12 enterprise security platform.
BlackBerry’s first Android-based smartphone will be arriving before the year is out and will be called BlackBerry Priv, according to the company.
BlackBerry made a bet that cutting a deal with Amazon to let its users access the e-commerce giant’s application store would keep them from leaving BlackBerry for the app-rich environments of Apple and Google’s Android. CIBC increased their price target on BBRY from $6.25 to $7.25. We are now revisiting our price estimate to account for the earnings release.
BlackBerry phone sales also continued their decline, falling to a dismal 800,000 units around the world, a further slide from the 1.1 million phones sold in the company’s first quarter.
The deviation from using its own home built BB10 operating system comes as the company struggles with slow sales of smartphones and its enterprise mobility management and secure communications software BES12.
The smartphone producer reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.09) by $0.04.
However, software revenues should improve meaningfully towards the back half of this year.
Sue is positive about the transition of the company from perpetual revenues to subscription revenues; he feels while the transition causes a short-term drag in revenues, it improves long-term visibility.
As for the Priv itself, this was BlackBerry finally admitting something that thanks to endless leaks most of us already knew; that they were making an Android phone.
The tech firm has just announced its Q2 fiscal 2016 results, and it has a disappointing $490 million, and bigger-than-expected loss.
While demoing its latest smartphone, the Priv, to Business News Network, BlackBerry CEO John Chen has had a hard time operating the device. The Business ‘s BTS business consists of five components: QNX Software Systems Limited (QNX), Certicom, Paratek, the BlackBerry Internet of Things (IoT) Platform, and Intellectual Property and Patent Licensing (IPPL). That said, there are a few caveats as well.
The slow shift to softwareMany people think that BlackBerry lost the smartphone market because it failed to respond to iOS and Android devices in a timely manner. It remains to be seen how customers in highly sensitive or regulated verticals such as government and financial services will take to these devices. Market capitalisation for NASDAQ:BBRY is $3,337,160,593.00 United States dollars.