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Blackberry Shares Drop Over Z10 Worries by cantell(m): 5:03pm On Mar 26, 2013
BlackBerry's share price has taken a further hit on the US stock market, falling 4.5% at the close of play on Monday.

In total, the company's stock has now lost more than 11% on the Nasdaq since the company's new phone, the Z10, went on sale in the US on Friday.

Markets reacted negatively to investment bank Goldman Sachs changing its position on BlackBerry's shares from "neutral" to "buy".

Goldman claimed its outlook was based on "tepid" US sales and poor marketing support.

"Our retail ​checks at over 20 store locations ... revealed a surprising lack of marketing support and poor positioning of the product," said Goldman analyst Simona Jankowski.

"We also saw limited advertising around the launch."

The report gives the handset a 20% chance of success, down from 30%.

BlackBerry has lost market share in recent years to the iPhone and Android devices. Its reputation was also damaged after much-publicised service disruptions.

Thorsten Heins, the company's chief executive, launched the BlackBerry 10 handsets in January in Canada and the UK. The Z10 is the first BlackBerry to feature a full touchscreen.

The new phones are seen as crucial in turning around the fortunes of the company,

Initial non-US sales exceeded expectations according to Mr Heins, with reports of some UK stores selling out. Reviews of the phone have also been generally positive.

And the company's share price could claw back some of its value when it reveals its fiscal fourth quarter results on March 28.

BlackBerry was asked to comment, but did not immediately respond.
Re: Blackberry Shares Drop Over Z10 Worries by Nnamsco4real: 11:41pm On Mar 26, 2013
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