Once a name to reckon with in the cell phone world, Blackberry has finally conceded defeat by accepting that it is not able to compete with the popular Apple and Android based phones.
This acceptance came in a regulatory filing of its second quarter results. The reasons stated are the competitors entering the field especially in the International markets where Blackberry had a good presence. Blackberry had accepted that launching of high end smartphones by the competitors took on its BB 10 devices and similarly the middle end market was also captured by cheaper launches by its competitors.
Another factor which attributed to the fall of Blackberry was the Apps. Blackberry accepted that they could not compete on the Apps level with ios and android which provided the users with countless options.
In a freefall, the company’s revenue plummeted by around 45% as it inculcated second quarter losses of almost $ 1 Billion. The company plans to withdraw from the retail market and concentrate on business customers. However, there is a silver lining in the form of Fairfax Financial Holdings making a purchase bid to Blackberry.