Weak BlackBerry 10 Units Crush BlackBerry Shares
Jun 28th 2013 3:02PM
Updated Jun 28th 2013 3:04PM
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What: Shares of BlackBerry got crushed today by as much as 29% after the company reported fiscal first quarter earnings.
So what: Revenue in the first quarter totaled $3.1 billion, which translated into an adjusted loss of $0.13 per share. Total smartphone shipments came in at 6.8 million, of which 2.7 million were BlackBerry 10 devices like the Z10 or Q10. PlayBook tablet shipments totaled 100,000, the lowest quarterly units since introduction.
Now what: The company said that its bottom line was negatively affected by Venezuelan foreign currency restrictions, and BlackBerry would have been close to breakeven results without them. BlackBerry subscribers declined by 4 million sequentially to 72 million. CEO Thorsten Heins said the company is still in the early stages of the new platform. BlackBerry declined to provide specific financial guidance, citing its ongoing transition in the highly competitive smartphone market, but does expect an operating loss.
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