BlackBerry Says Sale of Real Estate Nets $278M
BlackBerry today announced it has come to an agreement with Spear Street Capital, LLC to sell the bulk of its real estate holdings for about $278 million. BlackBerry announced its intent to sell its office space and surrounding properties in Waterloo, Canada, in January. According to BlackBerry, it will close on sales covering 80% of its properties by the end of this month, with the remaining 20% of properties scheduled to close during the third quarter. BlackBerry is selling more than 3 million square feet of office space - some of which it will lease back - as well as vacant lands. BlackBerry CEO John S. Chen has been on an aggressive push to reduce expenses while also finding a way forward for the ailing smartphone maker.
BlackBerry All But Gives Up On Smartphones
BlackBerry CEO John S. Chen said the company plans to reduce the number of handsets it makes each year to one or two.
BlackBerry Trims More Workers
BlackBerry has cut an unspecified number of employees at two facilities. The company confirmed that it let employees go at its Waterloo headquarters, as well as at a plant in Sunrise, Fla.
BlackBerry Loses Sales Exec
BlackBerry confirmed that Eric Johnson, the executive in charge of sales for business and government customers, has departed the company. BlackBerry's core business is providing device management software to exactly these types of customers.
BlackBerry Wins $815M from Qualcomm for Overpaying Royalties
BlackBerry today said it received a favorable outcome after arbitrating a royalty payment issue with Qualcomm. The two companies entered into arbitration on April 20, 2016, over a dispute concerning "whether Qualcomm's agreement to cap certain royalties applied to payments made by BlackBerry under a license agreement between the parties." The binding arbitration settlement determined that Qualcomm's agreement did in fact apply to such payments, resulting in BlackBerry paying Qualcomm too much money.
Just a thought....
It can't hurt. What's the worse that can happen to this sinking ship?