NEW YORK (TheStreet) -- Blackberry (BBRY) CEO John Chen officially introduced a new square-shaped smartphone, dubbed the Blackberry Passport, he hopes will help to turnaround the once dominant force in the mobile communications industry.
In a global event held simultaneously in Toronto, London and Dubai, Chen introduced the new design he hopes will be part of the company's "big Canadian comeback." Speaking mostly off script, the CEO said despite the fact he wasn't working for BlackBerry when the Passport was created he joked that he deserves credit because he "didn't kill it" ten months ago when he joined the company. He admits he actually fell in love with the new device now that he has one.
Brian Collelo, analyst with Morningstar, thinks the new Passport is and "interesting" device that offers some "unique hardware features and believes Blackberry has the "right strategy" in focusing its efforts on business users.
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But, Collello says BlackBerry has a much larger problem. He wonders if Passport can help the company get people to "turn away" from Android (GOOG) and iOS (AAPL) devices designed for consumers and now embraced in the enterprise because those devices are "good enough" for business users.
Following the announcement, BlackBerry shares were gaining more than 3% to $10.88 in mid-morning trading in New York.
MKM Partners analyst Michael Genovese didn't have anything nice to say about this morning's presentation. Before abruptly ending the phone conversation, Genovese said he thought CEO John Chen "looked embarrassed" speaking at the event and that the new phone is just the latest in a long line of products that "don't matter at all."