Foxconn will develop some BlackBerry phones in wake of quarterly loss

BlackBerry is turning to Foxconn, the world’s largest contract manufacturer of electronics, to jointly develop and produce some models of handset, the two companies said on Friday. The deal, announced as the company reported another quarterly loss, marks a major change in strategy at BlackBerry and is the first step away from the hardware market by the struggling phone maker, which until now had developed its own devices.

Shares of BlackBerry surged 15.5% Friday to close at $7.22 after the company announced a five-year partnership with Taiwanese manufacturer Foxconn. The primary focus of the deal will be creating a smartphone for Indonesia and “other fast-growing markets.” BlackBerry CEO John Chen says the Foxconn device will likely launch in March or April. Foxconn is best known for its manufacturing work with Apple on iPhone.

Read full article

Comments