BlackBerry hits bump in turnaround road, shares plunge

posted onJuly 1, 2013
by l33tdawg
http://en.wikipedia.org/wiki/BlackBerry
Credit: http://en.wikipedia.org/wiki/BlackBerry

BlackBerry's total market value plunged by more than one-fourth on Friday after the smartphone maker reported dismal quarterly results, prompting ever-deeper skepticism about a long-promised turnaround.

BlackBerry, which has struggled to claw back market share from the likes of Apple Inc's iPhone, Samsung Electronics Co Ltd's Galaxy phones and other devices powered by Google Inc's Android operating system, reported a loss in the fiscal first quarter ended June 1, and sales of its make-or-break new line of devices were softer than expected.

The company also said it will not make an operating profit in the current quarter. Shares of BlackBerry, which changed its name from Research in Motion, closed 27.8 percent lower at $10.46 on the Nasdaq on Friday. The stock touched levels last seen in November 2012, before the early 2013 launch of the new range of smartphones.

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