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Blackberry maker RIM shares plunge after $84m loss Blackberry shares plunge after $84m first-quarter loss
(34 minutes later)
The maker of Blackberry smartphones, Research in Motion (RIM) has reported a loss of $84m (£55m) for the three months ending on 1 June. Shares in smartphone maker Blackberry have dived after it reported an $84m (£55m) loss for the three months to 1 June.
The figure was an improvement on the $518m net loss for the same period last year, but was much worse than many analysts had expected. The figure was better than the $518m loss for the same period last year, but much worse than analysts' forecasts.
The Canadian company also announced it will post an operating loss for the next quarter running to September. The Ontario, Canada-based company also announced it will post an operating loss for the next quarter running to September.
RIM shares fell 17% in pre-market trading in New York. Blackberry shares fell more than 28% in early trading in New York.
Shipments of new smartphones increased, but RIM did not release how many of new handsets running the BB10 operating system were sold in the quarter. Shipments of new smartphones increased, but Blackberry did not release how many of new handsets running the BB10 operating system were sold in the quarter.
Analysts had been particular keen to see the numbers for the new Z10 handset, as the quarter was the first full quarter that the handset was on sale in the United States. Analysts had been particularly keen to see the numbers for the new Z10 handset, as it was the first full quarter that the handset had been on sale in the United States.
RIM only said that it had shipped 6.8m phones overall in its first quarter versus 7.8m in the same three month period last year. Blackberry launched two all-new smartphones this year, the touch screen Z10 device, followed by the Q10, with a mini keyboard favoured by many Blackberry users.
Blackberry only said that it had shipped 6.8 million phones overall in its first quarter versus 7.8 million in the same three-month period last year.
"It doesn't bode well for the initial Blackberry 10 launch, particularly the Z10. But even the outlook for a second quarter loss doesn't bode well for the Q10 either," said Brian Colello, an analyst with Morningstar.
Blackberry has been battling against stiff competition in the smartphone sector, and has struggled to compete with the likes of Apple and Samsung.Blackberry has been battling against stiff competition in the smartphone sector, and has struggled to compete with the likes of Apple and Samsung.
Blackberry used to be called Research in Motion, but changed it trading name back in January.