Earlier today, BlackBerry’s stock hit its highest point more than a year, and all it took was a lousy $814.9 million arbitration win. It’s a healthy bounce back for the embattled company, which has spent the last year working to make a major shift from all-in phone maker to software and services company.
But while shareholders are likely pleased, BlackBerry no doubt would have rather its stock hit its highest level in 15 months due to, say, a new product or service, but, well, you take what you can get.
The 16-percent surge came on the heels of news that the Canadian mobile company was being awarded a massive sum after a on-going fight with Qualcomm over patent royalties. The last time BlackBerry saw a bump like this was courtesy of news that its first Android-powered smartphone, the Priv had sold out of numerous big box stores.
Of course, a lot has changed for the company in that time. It’s since shifted to licensing its brand to manufacturers like TCL, which are keeping the one mighty name alive through devices like the KeyOne. The victory does offer some insight into the newly focused company, as well as notching up yet another bit of bad news for chipmaker Qualcomm, which has suffered a string of defeats with governing bodies across the globe, along with on-going battles with one-time allies like Apple.
Qualcomm issued a response that that it “does not agree with the decision,” but noted that, “it is binding and not appealable.” The San Diego-based processor maker’s stocks took a tumble following the news.
BlackBerry is expected to use the massive award to bolster its business through acquisitions, as it continues to adjust its overall focus in mobile security and automotive.