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Monday, 01 July 2013 13:04

Blackberry hits wall

Written by Nick Farrell



Squashed

Blackberry’s turn around appears to have hit a brick wall and sent its shares into a tailspin. The Waterloo, Ontario-based company said it shipped 6.8 million smartphones in the last quarter, down from 7.8 million during the same period a year ago.

It also posted a loss of 13 cents a share for the quarter when analysts had anticipated profit of 8 cents a share. As a result the shares fell 29 percent which is its biggest loss an over a decade. Shareholders fear that there has been no boost from its new BlackBerry 10 devices, including the Z10 which appeared in February and its Q10, which was released in May.

The company only shipped 2.7 million of its new BlackBerry 10 devices, much lower than analysts had predicted. Analysts have called the reports "dismal" and "disappointing," especially when looking at the outlook for the next quarter. All up thinks are starting to look grim for Blackberry.

Nick Farrell

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