Editor’s Note: Related tickers: Research In Motion Ltd (NASDAQ:BBRY), Apple Inc. (NASDAQ:AAPL), Google Inc (NASDAQ:GOOG)
RIM shares: Recovery, Interrupted (TheGlobeAndMail)
The Toronto market is closed today for the Canada Day holiday, but shares of Research In Motion Ltd (NASDAQ:BBRY) are tumbling again on Nasdaq. Shares of Research In Motion Ltd (NASDAQ:BBRY), which has rebranded itself as BlackBerry but whose legal name remains Research In Motion for now, are down around the $10 (U.S.) level. That follows a rout on Friday, when the BlackBerry maker’s stock sank by almost 28 per cent after a disappointing first-quarter earnings report that included a hefty loss and signs of fewer-than-expected sales of its new BB10 models. As The Globe and Mail’s Omar El Akkad reports, Research In Motion Ltd (NASDAQ:BBRY) posted a first-quarter loss of $84-million or 16 cents a share in the quarter, narrower than the loss of $518-million or 99 cents a year earlier.
After Effects of Research In Motion Ltd (NASDAQ:BBRY)’s Touch-Screen Test (PropertyMentorGroup)
Research In Motion Ltd (NASDAQ:BBRY)’s shares tumbled the most since 2001, following the firm declared a surprise loss as well as weak sales of a new touch-screen model, underscoring its confronts in contending directly with both the Apple Inc. (NASDAQ:AAPL)’s iPhone and Android devices. The firm declared that it shipped 6.8M smartphones previous quarter, comprising around 2.7M new BlackBerry 10 models mainly, its flagship Z10 touch-screen phone. Whereas the analysts had predecited total shipments of 7.5M, with around 3.6M BlackBerry 10 units. The Waterloo, Ontario-based firm as well blamed Venezuela’s notes controls for a portion of its quarterly loss for the reason that they hurt Latin American revenue.
BlackBerry’s renaissance may take a while longer (TheAge)
Thorsten Heins, the president and chief executive of Research In Motion Ltd (NASDAQ:BBRY), recalled that when he announced a delay in the introduction of a new line of phones a year ago, he was told his company was “finished.” Not so, he argued then, give us time to get this thing right. The phones, known as BlackBerry 10s, are now here. But from the results the company announced on Friday, Research In Motion Ltd (NASDAQ:BBRY) has not turned around its fortunes. Just the opposite. In the first full quarter of sales of the make-or-break BlackBerry 10s, BlackBerry reported that it shipped 6.8 million phones, of which only about 2.7 million were the new models.
BlackBerry Smartphone Shipments Miss The Mark (BusinessInsider)
Research In Motion Ltd (NASDAQ:BBRY) shipped 6.8 million handsets in their most recent quarter, which ended in May. That’s down from 8 million a year ago. Sales of the new BlackBerry 10 models were only 2.7 million units, far below an expected 3.5 million units. The Canadian company is leaning on its new BlackBerry 10 smartphone platform to simultaneously retain the loyalty of existing users and attempt to lure back former users, but consumer demand appears underwhelming. We recently discussed results from a Bloomberg analyst survey that put Research In Motion Ltd (NASDAQ:BBRY)’s smartphone shipment expectations at a strong 7.7 million for the quarter. The fact that BlackBerry did not rise to these expectations further dampens the outlook for the onetime stalwart.
BlackBerry hungry for rivals’ mobile market share (AFR)
The local boss of struggling smartphone pioneer Research In Motion Ltd (NASDAQ:BBRY) says the company has not given up the hope of challenging Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG)’s Android in the mobile market share stakes. However, he says growth in other areas of the business has started to take on more importance as the long-awaited Australian launch of its Q10 keyboard smartphone arrives. The comments come despite quarterly global numbers released on Friday night, which alarmed investors with an unexpected loss and lack of detail about sales of phones running on its new BlackBerry 10 operating system.
