Blackberry shares plunge over disappointing subscriber and profit figures
Telecommunication Company Blackberry has recently revealed its adjusted quarterly loss and disappointing profit margins which sent the company's stock careening 25 percent in the red.
Washington: Telecommunication Company Blackberry has recently revealed its adjusted quarterly loss and disappointing profit margins which sent the company's stock careening 25 percent in the red.
According to Fox News, Blackberry's much anticipated Blackberry 10 launch has gone poorly and has impacted its ability to compete with market leaders Google and Apple.
Blackberry said that it suffered a loss of 84 million dollars or 16 cents a share in last quarter, compared with a loss of 518 million dollars, or 99 cents a share, a year earlier adding that it lost 13 cents a share widely trailing consensus calls from analysts for a profit of six cents a share.
The report said that the company's revenue rose 9 percent to 3.1 billion dollars but that missed the Street's view of 3.36 billion dollars.
BlackBerry has reported 6.8 million smartphone shipments during the quarter, up 13percent from the fiscal fourth quarter adding that 40 percent of its quarterly shipments were its new line of BlackBerry10 phones.
The company has warned that it won't provide subscriber numbers going forward and will likely post a loss in the fiscal second quarter.
CEO Thorsten Heins said that in the next three quarters the company will increase its investment to support the roll out of new products and services to demonstrate that BlackBerry has established itself as a leading and vibrant player in next generation mobile computing solutions for both consumer and enterprise customer.
The report further said amidst growing competition with devices from companies like Google, Apple and Microsoft, Blackberry has seen its market share reduce with its stock plummeting 23.69 percent to 11.06 dollars in pre-market trading on Friday.