Blackberry market value drops 16% after shock $169m loss
Blackberry has reported a shock loss of $169m in the quarter to 1 June, leading to a $1.2bn slash in the smartphone maker's market valuation, as the brand struggles to compete against rivals Apple and Samsung.
Drop: Traders slashed Blackberry's value by $1.2bn
Projections had been optimistic following the appointment of Thorsten Heins as CEO last year but revenues fell below the $3.4bn forecast at $3.1bn and hopes of a $25m operating profit were shattered.
Although shipments of Blackberry devices were up on the first quarter to March, they fell below expectations of around eight million to 6.8 million, despite the release of new handsets Z10 and Q10. The news led Blackberry shares to fall by 16 per cent.