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Blackberry shares slide

by on08 May 2013

So much for a rebound

Blackberry’s comeback suffered a set back yesterday after Pacific Crest Securities issued a downbeat report on sales momentum for the company's new BlackBerry 10 operating system.

Shares of BlackBerry slid more than 5 percent after Pacific Crest analyst James Faucette, slapped an underperform rating on the company's stock. He believes initial shipment and sales volumes for the BlackBerry Q10 were not been strong. Faucette said sales of the BlackBerry Z10 are slowing down as well.

"We believe the production levels of 1.5 million to 2 million units per month are well in excess of the sell-through," Faucette said in a note to clients on Tuesday, adding that the company is likely going to be forced to cut production levels. This announcement flies in the face of an earlier one by Jefferies analyst Peter Misek who said sales of the Q10 were strong in both Canada and Britain.

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