Blackberry Boss To Get Please Explain Over Poor Performance

Written by Computer Daily News     09/07/2013 | 09:19 | Category: INDUSTRY

Thorsten Heins, the CEO of Canadian-based smartphone maker Blackberry, and the board are expected to face tough questioning about the company's future at its annual meeting today in Waterloo, Ontario.

Blackberry Boss To Get Please Explain Over Poor Performance
A poor result for its latest quarter has seen Blackberry's share price tumble. The shares fell about 28 percent in late June, following the announcement of a US$84 million loss for its first financial quarter, ended June, and forecasts of another likely loss in the current quarter. 

The shares plunged from US$15.09 to $10.71 overnight and have since slipped to $9.55.

Blackberry revealed it shipped 2.7 million Z10 and Q10 phones in the quarter, at the bottom of analysts' forecasts. 

"The results were a quasi deathknell for BlackBerry," said John Goldsmith, deputy head of equities at Montrusco Bolton, which owns more than 1.5 million BlackBerry shares. 

"The share move last week was was very violent. I think you are going to get people standing up and making their voices heard at the AGM."