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:

Sony Cyber Attack

REUTERS SHOWCASE

Ten Years On

Ten Years On

10 years on, tsunami warning stumbles at the "last mile".  Full Article 

Exit Polls

Exit Polls

BJP unlikely to form Jammu & Kashmir govt - polls.  Full Article 

Forceful Conversions

Forceful Conversions

BJP distances itself from religious conversions.  Full Article 

Hopeful Dhoni

Hopeful Dhoni

India's new vintage nearly ready, says Dhoni.  Full Article 

Photo

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Ali Hospitalized

Ali Hospitalized

Boxing great Muhammad Ali hospitalized with pneumonia.  Full Article 

Going International

Going International

Bollywood’s Priyanka Chopra sets sights on American TV.  Full Article 

India This Week

India This Week

Some of our best photos from this week.   Full Coverage 

Reuters India Mobile

Reuters India Mobile

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