BlackBerry stock is way up today, about 12%, even though the company had a devastating earnings report for last quarter.
BlackBerry announced this morning that it had a $4.4 billion net loss last quarter. The company also said it only sold 1.9 million smartphones.
So why is the stock way up?
The company’s new interim CEO, John S. Chen, spoke at length this morning about BlackBerry’s new five-year partnership with Foxconn, the manufacturer that makes products for Apple and other big tech companies. BlackBerry will use Foxconn to focus on making devices for emerging markets like Indonesia and other Asian countries.
Here’s what BlackBerry’s stock looks like today. You can see the huge spike this morning following Chen’s talk on the company’s earnings call.