Ouch! BlackBerry Posts Surprise Loss; Shares Plunge

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Ouch! BlackBerry Posts Surprise Loss; Shares Plunge
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Patrick T. Fallon | Bloomberg | Getty Images

BlackBerry delivered quarterly earnings and revenue that badly missed analysts' expectations on Friday, sending its shares sharply lower in pre-market trading.

After the earnings announcement, the company's shares tumbled 24 percent in trading prior to the opening bell.

BlackBerry posted a first-quarter loss, excluding items, of 13 cents per share, compared with a quarterly loss of 37 cents a share in the year-earlier period. The company cited Venezuela foreign currency fluctuations as hitting its results by 10 cents a share.

The GAAP loss from continuing operations was even steeper, at 16 cents a share, compared with GAAP loss from continuing operations of 97 cents a share in same quarter a year ago.

Revenue increased to $3.1 billion from $2.81 billion a year ago.

(Watch: BlackBerry:Bull vs. Bear Debate)

Wall Street had forecast the company would report a profit, excluding items, of 6 cents a share on $3.36 billion in revenue, according to a consensus estimate from Thomson Reuters.

The first quarter was the first full quarter to include BlackBerry Z10 smartphone sales, but in a surprise move the company failed to break out those numbers. Instead, the company said smartphone shipments overall in the first quarter were up 13 percent to 6.8 million from the previous quarter, the company said.

RIM's new Blackberry 10 operating system has been called critical to the company's attempted comeback.


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