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BlackBerry No Longer on the Market

WASHINGTON — BlackBerry abandoned its plan this past Monday to be sold on the market [1] and said its CEO Thorsten Heins will step down from his post.

BlackBerry [2]Reuters reported [3] that BlackBerry failed to come up with a sale [4] 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 [5]. The time off allowed Apple, Samsung and other companies to swoop in and take their old customers. Now, the iPhone [6] or Galaxy smartphones are running the smartphone industry, with Samsung having a significant advantage [7] in some markets like China [8].

At one point, BlackBerry was worth $80 billion in market value, but now sits at $3.38 billion.