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Blackberry In Free-Fall As Earnings And Sales Miss Big

By  +Follow June 27, 2013 10:19PM
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blackberry sheikh 640x426Shares for Blackberry (BBRY), who could be credited for popularizing the very concept of the smartphone, dropped precipitously on Friday after the company released an unexpectedly dismal quarterly earnings report.

For the quarter ended June 1st, Blackberry reported a loss of $67 million, or $0.13 per share on an adjusted basis, on revenue of $3.1 billion. This is in comparison to the prior year period during which the company lost $510 million, or $0.97 per share on revenue of $2.8 billion. The quarterly figures were dismally short of analyst expectations that had adjusted earnings at $0.07 per share on revenue of $3.4 billion.

The company’s stock went into free-fall almost immediately, dropping nearly 26 percent to $10.25 per share, a loss of nearly $4 dollars on the previous day’s close.

The news is of particular significance because the company’s very existence has been in question since late last year during the run-up to the release of its new Z10 and Q10 phones. It was widely feared that the company that had played such an instrumental role in creating the smartphone market in the first place was finally on its way out of the game.

As recently as a few months ago, analysts were expecting the company to lose $0.15 per share on an adjusted basis. But these estimates were revised drastically upward as a number of analysts upgraded Blackberry’s stock based on very generous sales estimates.

As it turns out, the company sold 6.8 million smartphones during the quarter, less than expected. And only 2.7 million of those phones were from either the Z10 or Q10 lines, while previous projections had estimated a total sales figure that was at least 10 percent greater. Furthermore, 4 million subscribers dropped Blackberry during the recently ended period.

Blackberry’s efforts to put up a good fight, until today, seemed as though they might have been doing the trick. Thursday's close saw the stock trading for $14.48, well off its $6.22 52-week low. The poor earnings report, however, confirms what many had suspected: that the company’s turnaround was cosmetic, or had been advertised even before it had actually taken place.

This may be one case where a good number of investors had a jump on the analysts, however, as nearly one third of the company’s available shares were being sold short ahead of today’s news, even amid all the hype that the Blackberry was in the process of a great comeback.

Results for bbry
Verðbréfagaurinn
19 Apr 14 12:19:46
RT @SeekingAlpha: A Sub-$100 Nexus Phone Can Kill The BlackBerry Z3 http://t.co/LtbzHZnUFU $AAPL #APPLE $MSFT $NOK $BBRY
Seeking Alpha
19 Apr 14 12:19:15
A Sub-$100 Nexus Phone Can Kill The BlackBerry Z3 http://t.co/LtbzHZnUFU $AAPL #APPLE $MSFT $NOK $BBRY
Gavin Dangerson
19 Apr 14 10:33:52
Trading. It opens doors. Ask us how at http://t.co/W5m2reY63u $aapl $scty $tsla $bbry #stocks #options #futures #forex $STUDY
Equity Sense
19 Apr 14 10:33:52
Trading. It opens doors. Ask us how at http://t.co/8HAtDm2ypv $aapl $scty $tsla $bbry #stocks #options #futures #forex $STUDY
Mike L
19 Apr 14 10:33:52
Trading. It opens doors. Ask us how at http://t.co/UM9rNA2Xj1 $aapl $scty $tsla $bbry #stocks #options #futures #forex $STUDY
AllyGMorrison
19 Apr 14 10:11:07
$BBRY Investor's Alert: Apple Inc. (NASDAQ:AAPL), Nokia Corporation (ADR) (NYSE ... http://t.co/ft8i7c4zpC
Indi Campbell
19 Apr 14 09:55:42
RT @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/MqAFQcgx5n $BBRY http://t.co/N3KpWptg9f
Mike L
19 Apr 14 09:51:20
Join hundreds of profitable traders today. Where else but at Equity Sense - http://t.co/dAFNMANbVn $aapl $bbry $tsla $scty #futures #forex
Gavin Dangerson
19 Apr 14 09:51:19
Join hundreds of profitable traders today. Where else but at Equity Sense - http://t.co/rASt70A77w $aapl $bbry $tsla $scty #futures #forex
Mel
19 Apr 14 09:21:38
@MackenzD RT "@globeandmail From @globeinvestor Should BlackBerry be in your portfolio? http://t.co/QeWOgxDFBi $BBRY http://t.co/3Z2zaWdEbV"
Georg Yannick Rath
19 Apr 14 08:49:17
RT @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/MqAFQcgx5n $BBRY http://t.co/N3KpWptg9f
Richard Lurie
19 Apr 14 08:45:49
RT @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/MqAFQcgx5n $BBRY http://t.co/N3KpWptg9f
Globe Investor
19 Apr 14 08:45:35
Should BlackBerry be in your portfolio? http://t.co/MqAFQcgx5n $BBRY http://t.co/N3KpWptg9f
Alex Conte
19 Apr 14 08:00:40
"@globeandmail: From @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/qrmGeTd7Ur $BBRY http://t.co/sNpJ3DhaUf" NO!
Financial Services
19 Apr 14 07:35:17
RT @globeandmail: From @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/7FyoEUhxML $BBRY http://t.co/9DN8WMTDlL
Brian Reynolds
19 Apr 14 07:33:32
No, they're awful. Trust me, I have one. MT @globeandmail: Should BlackBerry be in your portfolio? $BBRY http://t.co/1MlbyGMdhX
Mike Hurley
19 Apr 14 06:57:18
RT @globeandmail: From @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/7FyoEUhxML $BBRY http://t.co/9DN8WMTDlL
Doug Varley
19 Apr 14 06:44:00
RT @globeandmail: From @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/7FyoEUhxML $BBRY http://t.co/9DN8WMTDlL
Tighe McLaughlin
19 Apr 14 06:38:55
"@globeandmail: From @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/c6cxfyNd6h $BBRY http://t.co/gcrlfM7Z9c"....Yes.
Frank Lee
19 Apr 14 06:38:24
RT @globeandmail: From @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/7FyoEUhxML $BBRY http://t.co/9DN8WMTDlL
marie goudreau
19 Apr 14 06:36:30
RT @globeandmail: From @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/7FyoEUhxML $BBRY http://t.co/9DN8WMTDlL
The Globe and Mail
19 Apr 14 06:35:15
From @globeinvestor: Should BlackBerry be in your portfolio? http://t.co/7FyoEUhxML $BBRY http://t.co/9DN8WMTDlL
MERVYN. T. KASULE
19 Apr 14 00:15:56
RT @mklubega: Watch out >>> BlackBerry Is Fermenting $BBRY http://t.co/B6Xy3qoQ9A
Moses L Kasozi
18 Apr 14 23:11:31
Watch out >>> BlackBerry Is Fermenting $BBRY http://t.co/B6Xy3qoQ9A
MundoBlackBerry
18 Apr 14 22:16:38
*ACTUALIZACIÓN*: BBM for Android v.2.1.1.53 disponible http://t.co/UEHyf79LzA #MundoBlackBerry #BBRY $BBRY http://t.co/WQMyrUyPby
Galactico
18 Apr 14 16:16:15
$BBRY looks like a bounce play off the 200% fib this week
John L. Bair
18 Apr 14 15:41:26
$BBRY is a bear trap in the making $SHLD
David Braun
18 Apr 14 15:10:36
BlackBerry buys minority stake in healthcare IT firm http://t.co/wF2slc82R6 via @reuters #mergers #acquisitions #healthcare $BBRY
Ricardo Espinosa
18 Apr 14 14:14:27
$BBRY is finally not expensive. Currently selling almost at net-net value. Risk is now to the upside, cover your shorts.
Vconomics
18 Apr 14 14:09:57
Oh found another one -> Groupon is selling an unlocked BlackBerry Q5 for 43% off ($229.99, regular price is $400.99). $BBRY
Vconomics
18 Apr 14 13:50:12
Oh look at that, Groupon is also selling the unlocked BlackBerry Curve 9370 for 74% off (or $89.99, regular price is $349.99). $BBRY $GRPN
Vconomics
18 Apr 14 13:46:40
Groupon is selling Unlocked BlackBerry Z10s for 70% off (or $239.99, regular price is $799.99). Gotta work off that inventory. $GRPN $BBRY
John L. Bair
18 Apr 14 12:54:01
Commented on StockTwits: $BBRY http://t.co/a8UVw7Ft9N http://t.co/DHmJ8pnaHS
Capstone
18 Apr 14 12:10:39
BlackBerry buys minority stake in healthcare IT firm http://t.co/MCQiDn4PbE via @reuters #mergers #acquisitions #healthcare $BBRY
myITsource.ca
18 Apr 14 12:06:06
RT @GlobeTechnology: Why @BlackBerry's Chen may dump handset business: http://t.co/1MuOvPx3qy $BBRY http://t.co/2ek0mfnroe
Stock_Tracker
18 Apr 14 11:58:02
Blackberry Limited (BBRY) 7.15 $BBRY Investors Are Leaving Apple For Microsoft. Should You? at The Street - Fr http://t.co/8L9uUBoQDu
John Michael
18 Apr 14 10:10:14
RT @EquitySense: Equity Sense - Know how to trade. Be the trader you want to be. http://t.co/8HAtDm2ypv $aapl $bbry #stocks #futures #forex
Bitcoin Pilot
18 Apr 14 10:03:16
RT @EquitySense: Equity Sense - Know how to trade. Be the trader you want to be. http://t.co/8HAtDm2ypv $aapl $bbry #stocks #futures #forex
Mike L
18 Apr 14 09:50:17
Equity Sense - Know how to trade. Be the trader you want to be. http://t.co/UM9rNA2Xj1 $aapl $bbry #stocks #futures #forex
Gavin Dangerson
18 Apr 14 09:50:17
Equity Sense - Know how to trade. Be the trader you want to be. http://t.co/fQAxgoiJlD $aapl $bbry #stocks #futures #forex
Equity Sense
18 Apr 14 09:50:17
Equity Sense - Know how to trade. Be the trader you want to be. http://t.co/8HAtDm2ypv $aapl $bbry #stocks #futures #forex
TradeItOrFadeIt
18 Apr 14 07:40:59
RT @RobertWeinstein: Investors Are Leaving Apple For Microsoft. Should You? http://t.co/k9cPc07Vur $AAPL $MSFT $GOOG $BBRY $VZ $T $S @TheSt…
octavio
18 Apr 14 07:27:04
........ cue taps "On BlackBerry 10's 1st anniversary, BlackBerry's U.S. market share hits 0% http://t.co/PqeEBZ3iHf" $BBRY # flatline
Informer
18 Apr 14 07:08:59
$BBRY: Gold set-up looks like a squeeze http://t.co/TTpPCYLlgB
AllyGMorrison
18 Apr 14 07:07:13
$BBRY Gold set-up looks like a squeeze http://t.co/F4kefvg6Cp
GavinGreenberg
18 Apr 14 06:52:24
$BBRY: Gold set-up looks like a squeeze http://t.co/e2P0tc3VPm
stocknews247
18 Apr 14 06:47:16
$BBRY - Gold set-up looks like a squeeze -> http://t.co/4t05qd2vF6 #stock #stocks #stockaction
Robert Weinstein
18 Apr 14 06:39:04
Investors Are Leaving Apple For Microsoft. Should You? http://t.co/k9cPc07Vur $AAPL $MSFT $GOOG $BBRY $VZ $T $S @TheStreet
Garret Meikle
18 Apr 14 05:03:08
Must follow of the day is my great friend @darjohnston77 Huge baseball fan, real estate finance professional and $BBRY expert. #FF #waterloo
AllyGMorrison
18 Apr 14 03:47:05
$BBRY 3 Moves That Could Transform BlackBerry http://t.co/3PIAic5Fph
				
				
By  +Follow June 27, 2013 10:19PM
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