The Waterloo, Ontario-based mobile phone company released the phone - featuring a physical keyboard - only 18 months ago in an effort to appeal to users who prefer physical buttons to a touchscreen.
Blackberry hopes to continue innovating and advancing its device portfolio, as it recently launched a phone with Alphabet (GOOGL) Android software. The company also plans to release a new version of its Blackberry 10 operating system in August.
Last month CEO John Chen said the trimmed-down handset division will turn a profit by its September deadline.
The company said on its blog today that the Blackberry Classic has "long-surpassed" the typical lifespan for a smartphone, and that it is "only natural" to change the phone manufacturer's lineup.
"We are ready for this change so we can give our customers something better," COO Ralph Pini said in a statement on the company's website. "I'm excited for what's to come."
Separately, TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: BBRY
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.