Shares of BlackBerry (TSX:BB) plunged nearly 26 per cent in early trading after the smartphone maker’s latest results fell short of analyst expectations and it warned that further losses were likely to come next quarter.
The Waterloo, Ont.-based company posted a first-quarter loss of US$84 million, 16 cents per share for the three months ended June 1, improved from a loss of $518 million or 99 cents per share a year ago.
But the adjusted loss from continuing operations was $67 million, or 13 cents per share, deeper than predictions of six cents per share profit, according to a poll of analysts by Thomson Reuters.
The company’s shares fell $3.87 to $11.18 shortly after trading began on the Toronto Stock Exchange.
BlackBerry also said it has scrapped plans to offer an operating system update to its PlayBook tablet, signalling that the company plans to eventually clear the sales flop from its products entirely.
Missing from the results were specific sales figures for its new smartphone models, and subscriber figures, which the company used to provide but says no longer accurately reflect its business model.