If there are good motives for owning BlackBerry (BBRY) stock, TheStreet's Jim Cramer isn't seeing them.
"I've been looking at both BlackBerry and Nokia (NOK) and I've been trying to find reasons to own them," he said in an interview from the floor of the New York Stock Exchange Monday. "I haven't been able to do it yet."
The Waterloo, Canada-based company has struggled in 2016, with shares trading down more than 23% for the year as of midday Monday. BlackBerry most recently reported earnings on April 1 for its fiscal fourth quarter ending February 29. It reported a loss of 3 cents per share, narrower than analysts' forecasts for a loss of 10 cents per share. Revenue of $487 million missed Wall Street's forecasts for $563.18 million.
The quarter was impacted by weak sales of its Hardware devices, Barrons.com reported at the time, though CEO John Chen said he expected the company's handset business to be profitable by September.
"Our device volume was below our expectation," Chen said during the conference call, according to Barron's. "The softness the high end of the smartphone market is certainly a headwind, but the main reason, the main issues that we face - that we need to address is the distribution."
BlackBerry has made headlines recently over a report from Vice News and its sister site, Motherboard, that Canada's federal policing agency has had a global encryption key for BlackBerry devices since 2010. Court documents made public after members of a Montreal crime syndicate pleaded guilty to their role in a 2011 murder show the extent to which the smartphone manufacturer as well as telecom company Rogers Communications (RCI) cooperated with investigators. According to technical reports, law enforcement intercepted and decrypted roughly one million BlackBerry messages in connection with the probe.