TORONTO 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)
Trending On Reuters
South Korea's LG Display said it will invest more than 10 trillion won ($8.71 billion) to build a large plant to make panels using organic light-emitting diode (OLED) panels, raising its big bet on the ultra-clear display technology. Full Article