BlackBerry shares fall on analyst concerns about sales

TORONTO Wed Jul 10, 2013 8:24pm IST

A view shows a cracked cookie with a Blackberry logo at the Blackberry Z10 launch at a Rogers store in Toronto February 5, 2013. REUTERS/Mark Blinch/Files

A view shows a cracked cookie with a Blackberry logo at the Blackberry Z10 launch at a Rogers store in Toronto February 5, 2013.

Credit: Reuters/Mark Blinch/Files

Related Topics

Stocks

   

TORONTO (Reuters) - Shares of BlackBerry Ltd (BBRY.O) fell 5 percent on Wednesday after an analyst said initial sales of its new mid-tier Q5 device were weak in the United Kingdom, while sales of its other BlackBerry 10 devices remained lackluster.

"Our checks indicate initial Q5 shipments into the United Kingdom of roughly 10,000 to 15,000 and first-week sales of roughly 5,000," said Pacific Crest analyst James Faucette in a note to clients.

Faucette, a longtime bear on BlackBerry, said his firm's checks across the United States, Canada and the United Kingdom indicated weekly sales run rates for devices powered by the new BlackBerry 10 operating system continued to decline while inventory levels largely continue to rise.

Late in June, the company reported BlackBerry 10 device sales fell well short of investor expectations, sparking a sharp selloff in the stock.

BlackBerry was down 4.5 percent to $9.20 in early trading on the Nasdaq. Toronto-traded shares fell 5 percent at C$9.69 at 1040 ET (1440 GMT).

(Reporting by Euan Rocha; Editing by Jeffrey Benkoe)

FILED UNDER:

Social Media

Tech Showcase

Google in Europe

Google in Europe

EU lawmakers urge regulators to break up Google  Full Article 

Internet Devices

Internet Devices

Internet-connected device sector deals accelerating, report finds  Full Article 

Message to Mars

Message to Mars

Earthlings to send 90,000 hellos to Mars  Full Article 

Uber Setback

Uber Setback

Ridesharing firm Uber suspends operations in Nevada  Full Article 

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage