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Blackberry Shares Tumble 20% After Surprise Quarterly Loss

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Investors punished BlackBerry yesterday, driving its shares down by about 20 per cent even before the US stock market opened after the company posted a surprise quarterly loss, dashing hopes of a turnaround as it hawks new products with the aim of competing with the likes of Apple and Samsung.

The Canadian company, whose shares tumbled further when trading commenced, said that for the quarter ending 1 June, it had a loss of $84m. The result was much improved from the same quarter last year – but the shares fell because analysts and investors had been anticipating a profit. The company, which has launched a new operating system called BlackBerry 10, along with a new line of phones to catch up with rivals, blamed part of losses on Venezuelan currency restrictions without which, it said, it would have been closer to breaking even. Smartphone sales were higher, rising by 13 per cent compared to the previous quarter, when customers were waiting for the new line of phones.

Just how much trade is it doing in Venezuela? As excuses go I think this is better than rain / snow / too warm.

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its no surprise.

their unique selling point was a keyboard on a phone and free messaging but smartphones make it obsolete now.

rather than move with the times and reinforce their brand, they like nokia got left behind.

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I can buy Blackberry paying the price for sticking stubbornly with physical buttons, however the comparably struggling Nokia did bring out a touch screen phone surprisingly early though: the Nokia 7710 in 2004 (an eternity ago by the standards of electronic gismos). And Microsoft brought out a tablet around a decade ago as well. What did Apple do so right with its iPhone and iPad, that Samsung also became massive itself by slavishly copying Apple, and then we had the rest (like Sony and Nokia) trailing behind by 2011?


Edited by Big Orange

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  • 243 Brexit, House prices and Summer 2020

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      • down 5% +
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