In what can be interpreted as another sign of BlackBerry's turnaround, the company announced today that it is moving the listing of the company's shares from NASDAQ to the New York Stock Exchange. The switch will take place on October 16th and the company's symbol will change from the current BBRY to BB. This should make BlackBerry more visible to the investor community.
The announcement comes days after BlackBerry reported a net profit of 5 cents a share for its fiscal second quarter. Unlike the company's glory days, the company no longer manufactures handsets. Instead, BlackBerry licenses the BlackBerry Secure version of the Android operating system, its name, logo, and proprietary applications to phone makers like China's TCL and Indonesia’s BB Merah Putih. In return, BlackBerry receives royalty payments from these firms. In addition, BlackBerry sells software to auto manufacturers and others.
BlackBerry originally went public as part of Research In Motion back on October 28th, 1997. When the BlackBerry two-way pager became a must-have among executives and sales personnel, the stock started rising. Taking into account past stock splits, the shares peaked at $147.50 (the equivalent of $885 before stock splits) on June 23rd, 2008. From that point on, the shares continued a free fall. By 2013, the stock price had dropped to $5. Earlier that year, with the debut of the BlackBerry 10 OS, the company changed its name from Research in Motion to BlackBerry. The ticker symbol was revised from RIMM to the current BBRY.
"Many of the world's greatest brands, including a large number of our customers and partners, are listed on the NYSE, and we look forward to joining them. As we continue to advance our growth strategy, we believe that our partnership with the NYSE will further raise the profile of our company and strengthen the value of our BlackBerry Secure brand."-John Chen, CEO, BlackBerry
Anyone who purchased the stock when things looked bleak back in 2013, is now sitting with a nice profit as the stock is currently trading over $11 a share.
The rise and fall of BlackBerry
source: BlackBerry
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Alan, an ardent smartphone enthusiast and a veteran writer at PhoneArena since 2009, has witnessed and chronicled the transformative years of mobile technology. Owning iconic phones from the original iPhone to the iPhone 15 Pro Max, he has seen smartphones evolve into a global phenomenon. Beyond smartphones, Alan has covered the emergence of tablets, smartwatches, and smart speakers.
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