Smartphone pioneer BlackBerry stops making handsets

Smartphone inventor BlackBerry has stopped making handsets. The Canadian company has conceded defeat to Apple and Samsung, handing over production of the phones to foreign partners and focusing on the more lucrative software business. The move has been in the pipeline since Chief Executive Officer John Chen took over nearly three years ago and outsourced some manufacturing to Foxconn Technology Group. Shedding the loss-making smartphone side should help it meet its targets, said BGC Partners analyst Colin Gillis. “This is the completion of their exit,” he said. “Chen is a software CEO historically. He’s getting back to what he knows best – higher margins and recurring revenue.”