BlackBerry posts surprise loss, shares plunge

Jun 28, 2013
A Blackberry logo pictured at the 2010 International CTIA Wireless convention in Las Vegas on March 23, 2010. Canadian smartphone maker BlackBerry on Friday posted an unexpected first quarter loss and disappointing sales figures for its new phones, sending its share price tumbling in early trading.

Canadian smartphone maker BlackBerry on Friday posted an unexpected first quarter loss and disappointing sales figures for its new phones, sending its share price tumbling in early trading.

The Waterloo, Ontario firm announced an $84 million loss in the first quarter ended June 1, compared with a loss of $518 million in the same period a year earlier.

Revenues topped $3.1 billion, up nine percent.

But analysts expected a seven cent per share profit instead of a 13 cents per share loss.

The results come after the company rolled out new smartphones based on the new BlackBerry 10 platform, seen as its best hope at regaining traction after suffering staggering losses in market in recent years.

The group said it shipped 6.8 million smartphones in the quarter, 13 percent more than in last quarter. This includes 2.7 million of its new touchscreen Z10 and Q10 with a small keyboard launched earlier this year, missing analysts' targets.

Its as a result slumped nearly 20 percent.

"I can't imagine anyone is happy with Blackberry performance except maybe Blackberry competitors," said industry analyst Jeff Kagan.

"Can Blackberry turn things around with their new Q10, the keyboard device that just launched? Hopefully yes, but to tell you the truth hopes are dimmed by this first quarter performance."

Explore further: Nintendo launching 'amiibo' with 12 characters (Update)

add to favorites email to friend print save as pdf

Related Stories

Orders of keyboard BlackBerry start in Canada (Update)

Apr 09, 2013

The maker of the BlackBerry phone said Tuesday that a modern smartphone with a physical keyboard will be available in Canada in the coming weeks as major wireless companies started taking advance orders.

RIM shares pounded on subscriber worries

Dec 21, 2012

Shares of BlackBerry maker Research In Motion plummeted Friday on the Nasdaq exchange on investor fears that its new smartphone platform will thin the ranks paying for its service.

BlackBerry maker RIM's stock rebounds after results

Sep 29, 2012

BlackBerry maker Research in Motion's stock rallied sharply Friday a day after reporting a narrower-than-expected loss, as analysts debated whether the smartphone maker is poised for a rebound.

RIM loses BlackBerry subscribers for first time (Update)

Dec 20, 2012

BlackBerry-maker Research In Motion, which is already struggling with plunging sales, said Thursday it lost subscribers for the first time in the latest quarter, as the global number of BlackBerry users dipped to 79 million.

Pandora posts in-line 1Q loss, upbeat sales

May 23, 2013

(AP)—Internet radio company Pandora reported higher-than-expected revenue in the latest quarter, with losses in line with analysts' forecasts, as the number of subscribers who pay for ad-free listening rose above 2.5 million.

Recommended for you

Chinese e-commerce rivals challenge Alibaba (Update)

5 hours ago

China's biggest property developer, Wanda Group, and Internet giants Baidu and Tencent unveiled a new e-commerce venture Friday in a challenge to industry leader Alibaba Group ahead of its U.S. stock offering.

Nigeria launches national identity card scheme

18 hours ago

Nigeria's President Goodluck Jonathan on Thursday launched a national electronic identity card scheme, which backers said would boost access to financial and government services in Africa's most populous nation.

Vivendi, Telefonica in talks over Brazil business (Update)

Aug 28, 2014

French media conglomerate Vivendi said Thursday it would begin exclusive talks with Spanish telecoms company Telefonica for the sale of its Brazilian operator Global Village Telecom, or GVT, after the Spanish company raised ...

User comments : 2

Adjust slider to filter visible comments by rank

Display comments: newest first

BSD
1 / 5 (4) Jun 28, 2013
Is it a Samsung? No

Does it use Android? No

Then it's irrelevant.

The results speak for themselves.
Noumenon
1.7 / 5 (6) Jun 28, 2013
Maybe it was the 3" display and old fashioned physical keyboard.