Beleaguered BlackBerry shares plummet most since 2000 on Z10 phone flop

“BlackBerry (BBRY)’s shares tumbled the most since 2000 after the company reported a surprise loss and weak sales of a new touch-screen model, underscoring its challenges in competing directly with the iPhone and Android devices,” Hugo Miller reports for Bloomberg News.

“The company shipped 6.8 million smartphones last quarter, including about 2.7 million new BlackBerry 10 models — primarily its flagship Z10 touch-screen phone,” Miller reports. “Analysts had estimated total shipments of 7.5 million, with about 3.6 million BlackBerry 10 units. The Waterloo, Ontario-based company also blamed Venezuela’s currency controls for a portion of its quarterly loss because they hurt Latin American revenue.”

MacDailyNews Take: If Venezuela is affecting your bottom line, and you feel the need to use it as an excuse, you’re already dead.

Miller reports, “Yesterday’s stock tumble more than wiped out its gains for the year, signaling that investors may have been too optimistic about BlackBerry’s ability to wage a comeback fight against touch-screen rivals. ‘The company now is a niche player for the declining segment that clings to a physical keyboard,’ said Erik Gordon, a University of Michigan business professor.”

“BlackBerry shares plunged 28 percent to $10.46. It was the biggest decline since April 12, 2000, when stocks were crashing after the dot-com bubble burst,” Miller reports. “The fall more than erased a gain this year of 22 percent before yesterday.”

Read more in the full article here.

MacDailyNews Take: Dead Company Walking. Still. Come on now, get it over with already.

13 Comments

  1. Today’s mobile market is vicious, taking no prisoners and even companies like Scamsham are resorting to dirty fake political style tricks to usurp Apple. Timing is/was imperative and those late to the mobile game only now frantically reveal their folly of being complacent for too long. Once you lost your place in line you can’t expect the current players or consumers to just let you back in years later. You have already proven you can’t be trusted to carry the torch of technology forward. Fool us twice, shame on us.

  2. Why did blackberry drop so much? Didnt the pro anal ists check their inventory channel about the Z10 sales?

    Didnt the pro anal ists know Blackberry cut its parts order?

    Arent they very pro in these areas?

  3. I still find it totally fascinating that a company with zero experience in the highly competitive phone business came along and wiped out every other player in one fell swoop, and now they are all trying to play catchup. Apple, keep going!

  4. It’s a real shame that BB has not been able to raise a credible challenger to the iPhone, because the competition is good for Apple. Perhaps Apple should buy BB for its backend services and patents.

  5. I am a huge Apple fan but I really do think we need Blackberry and Microsoft to succeed in order to battle Android and keep the Apple innovation going.

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