BlackBerry (BBRY) co-Founder Sees Opportunity in Beleaguered Company
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BlackBerry (Nasdaq: BBRY) co-founder and ousted executive Mike Lazaridis might be looking to get the company he started back.
According to the New York Times on Monday, Lazaridis could put together a bid to take BlackBerry private. He is said to have already spiked with private equity firms Blackstone (NYSE: BX) and Carlyle Group (Nasdaq: CG) about financing.
Following dire preliminary Q214 results issued last Friday, shares of BlackBerry were slammed 24 percent before rebounding slightly to close at $8.73. The company said it expects revenue of $1.6 billion and a loss of $0.47 to $0.51 per share, while the Street was looking for sales of $3.06 billion and loss of $0.15 per share. About 4,500 jobs will also be cut, according to the release.
Lazaridis would be looking to reshape BlackBerry out of the public eye. Since peaking as the go-to handset maker for businesses, governments, and many consumers back in 2007, the company has found itself struggling to maintain relevance as Apple and Google have begun to dominate the handset environment.
Lazaridis is still one of the largest shareholders in BlackBerry. The stock is indicated lower Monday.
According to the New York Times on Monday, Lazaridis could put together a bid to take BlackBerry private. He is said to have already spiked with private equity firms Blackstone (NYSE: BX) and Carlyle Group (Nasdaq: CG) about financing.
Following dire preliminary Q214 results issued last Friday, shares of BlackBerry were slammed 24 percent before rebounding slightly to close at $8.73. The company said it expects revenue of $1.6 billion and a loss of $0.47 to $0.51 per share, while the Street was looking for sales of $3.06 billion and loss of $0.15 per share. About 4,500 jobs will also be cut, according to the release.
Lazaridis would be looking to reshape BlackBerry out of the public eye. Since peaking as the go-to handset maker for businesses, governments, and many consumers back in 2007, the company has found itself struggling to maintain relevance as Apple and Google have begun to dominate the handset environment.
Lazaridis is still one of the largest shareholders in BlackBerry. The stock is indicated lower Monday.
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