Tech: Blackberry Attempts a Transformation
Tech: BlackBerry attempts a transformation
After years of sluggish sales and disappointing financial results, BlackBerry is showing flickers of life, said Ben Dummett in The Wall Street Journal. The Canadian smartphone maker’s revenue declined 32 percent in the latest quarter, but the company posted “surprisingly strong” earnings from software sales and licensing fees. Both are central to new CEO John Chen’s turnaround strategy, though the company says it’s still committed to selling devices. Blackberry once dominated the smartphone market; today, its global share is less than 1 percent.
Media: Martha Stewart sells her lifestyle empire
Martha Stewart’s once mighty media and merchandising company just sold for a “near-clearance price,” said John Kell in Fortune.com. Martha Stewart Living Omnimedia, valued at nearly $2 billion when it went public in 1999, was acquired this week for $353 million by Sequential Brands Group. Sequential, which buys brands and licenses them out for a fee, also owns stakes in Jessica Simpson’s clothing collection and Heely’s wheeled footwear. Stewart’s beleaguered company has reported annual losses for five straight years, dragged down by declining ad revenue at its magazines and discontinued merchandising deals.
Streaming music: Jay Z’s Tidal loses CEO
Jay Z’s streaming music service Tidal is in turmoil, said Ryan Faughn der in the Los Angeles Times. Interim CEO Peter Tonstad is leaving the company after just three months at the helm. He’s the second top ex ec u tive to exit Tidal since it relaunched in March. Jay Z bought Tidal’s parent company, Norway-based Aspiro, earlier this year for $56 million, hoping to launch a premium music service with higher-quality sound and bigger artist payouts to compete with Spotify, Apple Music, and other streaming services.
Food: Olive Garden lifts Darden Restaurants
Olive Garden has investors satiated, said Paul R. La Monica in CNN.com. Parent company Darden Restaurants reported impressive results in the latest quarter, sending its shares to an all-time high. Executives credited a 12 percent uptick in sales at its Italian-themed chain, which accounts for more than half of Darden’s business. Since October, the company has made a slew of changes to the chain’s operations, rolling out new menu items and marketing, all in response to demands by activist hedge firm Starboard Value Partners.
see also finance and business knowledge
