Blackberry pens five-year deal with Foxconn
23 December 2013 | Sophie Donoghue
Blackberry has partnered with Taiwan electronics manufacturer Foxconn in a five-year deal to develop and manufacture new devices.This announcement comes at the same time as the struggling company reports a $4.4 billion net loss for its fiscal third quarter. The loss is in large part due to the $4.6 billion charges the company has generated due to poor performance of the BB10 devices.
The deal will allow the mobile handset company to move away from hardware and refocus on services and software.
Blackberry had provisionally agreed to a $4.7 billion takeover by Fairfax Financial Holdings, but the company announced last month that it had halted its sale plans, and instead received $1 billion in financing in the form of convertible notes from Fairfax and other investors.