WASHINGTON — BlackBerry abandoned its plan this past Monday to be sold on the market and said its CEO Thorsten Heins will step down from his post.
Reuters reported that BlackBerry failed to come up with a sale that satisfied both the buyer and the company. As a result, their share prices plummeted 16% and highlighted fears that the company will not have many additional options after this.
Blackberry, Canada’s premier smartphone producer, struggled to re-enter a saturated smartphone market after rebooting its BlackBerry smartphone. The time off allowed Apple, Samsung and other companies to swoop in and take their old customers. Now, the iPhone or Galaxy smartphones are running the smartphone industry, with Samsung having a significant advantage in some markets like China.
At one point, BlackBerry was worth $80 billion in market value, but now sits at $3.38 billion.