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BlackBerry sees red: Stock slides on $84 million loss

Mobility

Waterloo, Ont.-based BlackBerry reported its first quarter results Friday on the eve of the Canada Day long weekend, and it sent investors into the holiday with bad news.

After reporting a return to profitability the quarter previous with a $94 million profit, BlackBerry fell back into the red this quarter with an $84 million loss from continuing operations. Revenue rose, however, reaching $3 billion. The company also shipped 6.8 million smartphones in the quarter, up from 6 million the quarter before.

According to a report by Howard Solomon of IT World Canada, Heins told a conference call that continuing progress is being made, but analysts expressed disappointment BlackBerry’s substantial marketing investment isn’t paying more dividends.

Investors were also skeptical, sending Blackberry stock down by 27 per cent in mid-afternoon trading Friday, dropping $3.01 to $10.47 on the NASDAQ.

Read more: RIM back in the red