Blackberry to stop designing its own phones

September 28, 2016 20:38

Canadian handset maker Blackberry has announced it will stop designing its smartphones in-house and instead focus on software and security products.

Once an iconic business phone, BlackBerry lost out to Google's Android and Apple's iOS-based smartphones. The move is expected to help the company reduce its capital burn.

"The company plans to end all internal hardware development and will outsource that function to partners. This allows us to reduce capital requirements and enhance return on invested capital," BlackBerry Executive Chairman and CEO John Chen said.

However, he did not comment on any future releases of BlackBerry handsets.

The Waterloo-headquartered firm said its software revenue has more than doubled year-on-year in the second quarter and delivered the highest gross margin in the company's history.

It added that the company had around 3,000 enterprise customer wins in the quarter.

"We are reaching an inflection point with our strategy. Our financial foundation is strong, and our pivot to software is taking hold," Chen said.

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