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BlackBerry Shares Sink on Big Earnings Miss

Sales also fell short of analysts' expectations


blackberry 630 rimmBlackBerry‘s (BBRY) resurgence has hit a speed bump. Shares of the smartphone maker plunged more than 23% in pre-market trading on Friday morning after the company posted disappointing quarterly results.

During its first fiscal quarter, which ended on June 1, the company generated a loss of $84 million on revenue of $3.1 billion. That translates into a loss of 16 cents a share. Wall Street had expected a profit of 5 cents a share on revenue of $3.37 million, the Associated Press noted.

Wall Street Might Be Too Sour on BlackBerry
Wall Street Might Be Too Sour on BlackBerry

The Canadian smartphone pioneer said that it sold 6.8 million phones during the first quarter, down from 7.8 million in the same period last year. Blackberry did not specifically state how many of its new Z10 phones were sold during the quarter.

Adding to its woes, Blackberry forecast an operating loss for the current quarter.

The company has bet heavily on the success of its new BlackBerry 10 operating system and smartphones to bolster sales, which have plummeted in competition against Apple‘s (AAPL) iPhone and smartphones running Google‘s (GOOG) Android operating system.

Article printed from InvestorPlace Media,

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