Blackberry shares plunge after $84m first-quarter loss

Shares in smartphone maker Blackberry have dived after it reported an $84m (£55m) loss for the three months to 1 June.

The figure was better than the $518m loss for the same period last year, but much worse than analysts' forecasts.
The Ontario, Canada-based company also announced it will post an operating loss for the next quarter running to September.
Blackberry shares fell more than 28% in early trading in New York.
Shipments of new smartphones increased, but Blackberry did not release how many of new handsets running the BB10 operating system were sold in the quarter.
Analysts had been particularly keen to see the numbers for the new Z10 handset, as it was the first full quarter that the handset had been on sale in the United States.
Blackberry launched two all-new smartphones this year, the touch screen Z10 device, followed by the Q10, with a mini keyboard favoured by many Blackberry users.
Blackberry only said that it had shipped 6.8 million phones overall in its first quarter versus 7.8 million in the same three-month period last year.
"It doesn't bode well for the initial Blackberry 10 launch, particularly the Z10. But even the outlook for a second quarter loss doesn't bode well for the Q10 either," said Brian Colello, an analyst with Morningstar.
Blackberry has been battling against stiff competition in the smartphone sector, and has struggled to compete with the likes of Apple and Samsung.

Blackberry used to be called Research in Motion, but changed it trading name back in January.

excerpted from: http://www.bbc.co.uk