BlackBerry Ltd (NASDAQ:BBRY) is going through some hard times. While the launch of its Blackberry Classic is just around the corner, the CEO of the company is lurking around to figure out what will happen if Classic phone doesn’t work. Last year, BlackBerry Ltd (NASDAQ:BBRY)’s CEO wrote an open letter in which he tried to redefine the word ‘innovation’. John Chen subtly communicated his frustration about companies like Apple, which are labeling the introduction of silly new features as ‘innovation’. Chen said that innovation is not to blow off what works perfectly, it’s rather make working systems better.
In an article in Globe and Mail, Ryan Caligiuri said that there is no doubt in the fact that Blackberry is going through cash problems. It sold real estate properties, announced layoffs, partnered with Foxconn to cut its manufacturing costs. If all was well for BlackBerry Ltd (NASDAQ:BBRY), these steps were not necessary.
BlackBerry Ltd (NASDAQ:BBRY) made a rewind back to its legacy product and made some revamps, increased size, build app integration space and came up with BlackBerry Ltd (NASDAQ:BBRY) Classic. This is innovation for Mr. Chen, but unfortunately, the dynamically changing tech market of today doesn’t accept this definition.
The source said that BlackBerry Ltd (NASDAQ:BBRY) is in a pool of sharks and only ‘Leap Innovation” can save it from death. Cost cutting phase is one step prior to the declining phase for the companies.
Spencer M. Waxman’s Shannon River Fund Management owns 4 million shares of BlackBerry Ltd (NASDAQ:BBRY).