BlackBerry Disappoints with Quarterly Earnings, Stock Tanks 27%

BlackBerry this morning released its quarterly earnings report and it wasn't pretty.

The Waterloo smartphone pioneer posted $3.1 billion in revenue but lost $84 million and shipped an anemic 100,000 PlayBooks. The stock has plummeted more than 27% in trading today.

The Canadian company shipped less than seven million smartpones during last quarter, just 2.7 million of which were BlackBerry 10 devices, below analyst predictions of three million and up.

Still, the Q10—which is widely expected to outsell the Z10—wasn't for sale during the vast majority of last quarter, so BlackBerry's numbers could be unfairly small due to poor timing.

“During the first quarter, we continued to focus our efforts on the global roll out of the BlackBerry 10 platform,” stated Thorsten Heins, the CEO of BlackBerry. “We are still in the early stages of this launch, but already, the BlackBerry 10 platform and BlackBerry Enterprise Service 10 are proving themselves to customers to be very secure, flexible and dynamic mobile computing solutions."

"Over the next three quarters, we will be increasing our investments to support the roll out of new products and services, and to demonstrate that BlackBerry has established itself as a leading and vibrant player in next generation mobile computing solutions for both consumer and enterprise customers," he added.

Waterloo, Ontario, Canada

Research In Motion (RIM), a global leader in wireless innovation, revolutionized the mobile industry with the introduction of the BlackBerry solution in 1999. Since then, BlackBerry products and services have continued to change the way millions of people around the world stay connected. With the launch of BlackBerry 10, we have re-designed, re-engineered and re-invented BlackBerry. Not only... more

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes and author of Tempest Bound. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys hiking, tennis, and martial arts. more

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