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BlackBerry Plunges On Abysmal Results
So much for the great underdog renaissance. Most people will hardly be surprised to learn that in a world in which economic conditions are deteriorating faster and faster for the vast majority of the population, that what little disposable cash flow consumers have is not being spent on a product that was "cool" and "faddy" in 2003, namely the Blackberry. And if there was any confusion the just released Q1 results will confirm this:
- Q1 revenue $3.07 billion, expected $3.37 billion
- Q1 adjusted loss per share -$0.13, exp. +$0.08 with the company blaming the miss on Venezuela's currency devaluation. No really.
- Q1 shipments were 6.8 million, on expectations of 7.45 million. Supposedly the firm formerly known as RIM couldn't blame this on Venezuela.
- The outlook isn't that hot either: "Based on the competitive market dynamics and these investments, the company anticipates it will generate an operating loss in the second quarter"
Nope. Like we said nobody can be surprised by these results. Nobody expect, of course, for the sellside penguin brigade whose trading desks are axed to sell:
Stock down betwen 15% and 20% pre market.
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Still holding your Apple shares, Tyler? Must be, as BBRY is one of the only companies you seem to enjoy bashing.
I remember my first day on ZeroHedge....
Tyler has been ripping AAPL since it was in the $700s. Get your facts straight.
I'm just glad to see that douchebag Karl Denninger get his face ripped off by this move. He's been spouting about Blackberry for months now. Anyone who disagreed with his fanboism was booted from his little dictatorial fiefdom of groupthink.
Just yesterday that oaf took a victory lap on his gold call. LOL. Looking forward to seeing his account blow up on the reversal when it comes.
I hope that prick trades on a wide margin.
Cheered me up too. That blowhard had one coming. I hope he lost his ass.
Sellside analyst says Company X +10%.
Sellside analyst means Company X -10%.
There you go, investing 101, since 101AD.
I generally appreciate the things Denninger brings to light, but his constant riding of Blackberry's dick the past few months is tiresome to say the least. He's a techno-geek and seems to think that the general public gives a rat's ass about an incremental improvement of the new Z10 over the iPhone. Most people just want to run their apps, play their music, and take pictures. Plus, he's completely talking his book, since he admits to being a heavy investor in RIMM.
RIMM is actually a good lesson in the psychology of crowds. Once a thing is perceived to be no longer cool (e.g. Blackberry, Yahoo, MySpace) it's almost impossible to get the cool factor back again.
Bet he comes out in a while to say he sold all his stock last night. LOL.
You know he never has a losing trade.
He says he was not in it yesterday.
I suspect the "laugh at stupid gold buyers then suddenly realize your assets have been crushed" meme is about to get a lot more common.
I had really hoped Denninger would turn out to be a more interesting anti gold guy but his performance yesterday put an end to that dream. If its really over for gold I need to know *why*, not hear womeone laugh about how the yacht I was planning to purchase with my margined paper gold positions is now out of reach.
This. I have a pretty good buddy at BB so I hope for his sake they do well. But im pretty sure he'd be better off if his company quits worrying about jaw flappin high profile"investors" and instead just tries to make good products.
Funny thing is, KD made a lot of interesting technology arguments in favour of BB over android (I never tried the BB handset) which is why I was reading him. He may very well be championing the BetaMax of our time. Superior tech, but no one cares.
too bad about the whole douchy behaviour thing though.
Wrong. P/E = #DIV!
Hows your Blackberry call looking now Karl Denninger?
LOLASAURUSREX !!!!!1111
"Tickerguy" can't talk right now. Mr. Market has his face crammed into the pillow and his busy reaming him from behind.
"Stop Mr. Market, you're too big! Mmmmff".
LOL.
KD's Blackberry call seems to have been mostly based on technical superiority, but as far as I can see everything he's listing is minor - somewhat better stability, more elegant software etc. Nothing users would really sit up and take notice from.
IOW, this is VHS vs. Betamax, not VHS vs DVD. Blackberry just isn't "better enough" to take back a mountain of lost marketshare.
He's right about technical superiority, but the Samsung and even the iphone are more in sync with the kardashian north west mentality of the herd. Technical superiority doesn't sell, sex and shock sells to the nimwit culture we've become. Denninger appears to have lost touch with that.
You must be confusing Tyler with the Bank of Israel. They bought 2,000 shares when it was well over the $600 handle..
Not to be confused with the Bank of Israeli Scams, you know the BIS.
"Still holding your Apple shares, Tyler? Must be, as BBRY is one of the only companies you seem to enjoy bashing."
Hey Denninger...what's up? I thought you had your own web site called Market Ticker?
http://market-ticker.org/
Deservedly so.
Hmmm, odd. I seem to recall Denninger pumping BBRY and laughing at gold buyers on the same say. Karma?
Dont worry, he says he was out of the stock yesterday.
"Robust economy"...except for Blackberry...AAPL...Oracle...and some others.
i work with cell accessories...aint no one buying shit for the z10/q10. could have told you that two months ago
i saw the same when the iphone 5 came out
the Galaxy S3/S4 are still super strong
I really did not like Samsung products but the price for my latest phone ($70 w Android 4.1) was just too good for what I got without a contract. If they are somehow magically making money off these phones at these prices then blackberry is dead and so is the iphone.
Ah, so that explains the BBRY pumper Denninger's juvenile gloating about the decline of paper gold. I believe the word he prefers is butthurt.
edit: Hi Karly
Not enough spyware on it
BBRY and ACN this morning. NKE foreign guidance yesterday. Another green open bitchez! Fuckin fuck
Sure I guess we already had 'The big correction of 2013' which was a drop below insane DOW 15,000, that's probably all we'll get now till well into next year when we might get another -200 point drop to below DOW 18,000 or some shit.
All insanity all the time from here on out.
Oh .... Canada !
Blame Canada!
http://www.youtube.com/watch?v=bOR38552MJA
Let's be rational here,
I am not an apple fanboi nor an android zealot but when google GIVE ANDROID TO ANYONE WHO WANTS IT is it any surprise that a massive stream of cheap chinese handsets and tablets appear that do pretty much everything that apple/blackberry can do and do it cheaper.
Google = skynet and everyone wants a slice.
And the Google Self Driving cars are the beginnings of terminators!
http://www.google.com/about/jobs/lifeatgoogle/self-driving-car-test-stev...
'Beginnings of terminators'? Ever seen a Predator drone?
Yes I have. And they're not self driving. Yet.
I bet there's already a function of auto pilot from take off to target hits to landing again already built in.
The UCAV the USN is developing which zh did a bit on several weeks back is self-driving. It literally learned by its own sensors how to move around on the deck, and where everything is, and it can takeoff and recover itself, and can also mid-air refuel, without any human intervention.
I guarantee the US Navy will be developing and experimenting with a full-range of auto-engagement capabilities and enemy weapon and interception avoidance tactics. It's not like the krud in movies but the first-wave of high-performance combat drone automation tech is operating, at the prototype level, now.
Turn-key capability.
Another interesting factor is that fighter performance is limited to some extent by the ability of human pilots to withstand high G-forces. Unmanned craft presumably are capable of higher G maneuvres than manned craft.
I didn't see where they broke out 10 sales separately, either. That can't be by accident. I bet they were dismal and they offset it by channel-stuffing a bunch of cheaper older models to the 3rd world.
I think so too. With the large effect of the currency in Ven, it means they did a LOT of business down there.
pods
While most SS analysts are rather useless in the post-algo world, the choice of their 'recommendation' taxonomy makes all the difference. Clearly, the guy touting a "speculative buy" comes out the most rosy-smelling of the dung-heapers, as he can say "well, I told you it was purely 'speculative', and people should know better than to speculate with their money."
I don't know 1 person who has a BlackBerry today.
3 billion in revenue, somebody is buying them.
Modern corporate life: these kinds of cash flows and losing their asses?
Strange....
Really what if they just pulled '3 billion revenue' straight out of their ass? How would anyone actually know?
Ditched mine a couple years ago. Went like this at the office..... "Hey, NoDebt, our new email system can sync with that Blackberry, but...... we have to license extra software to do it. We can sync with an Android phone for free, though. So....... you know. Your choice."
I traded it in on an Android that afternoon.
Well I have a z10, and it really is a nice piece of equipment. Battery is awesome, it simply does what I want.
Granted, I don't have access to all the games that apple/droid has, but I don't play games either.
pods
Me too. Love it. Desktop link isn't great, but it is pretty superfluous. wouldn't buy the stock though.
Well I use a Blackberry Bold...so if you see someone pounding away on one, come say hello. Of course, I sometimes call forward to my StarTAC.
I miss my StarTAC. Great phone. If I hadn't dropped it in a cup of coffee I might still be using it today.
And you probably need special phone to be good Sheep Dog. With your Google OS and 1 mln apps, you'll have to buy Google Glasses to be Senior Sheep Dog. Think about it! There will be more very useful products from Google yet and then finally you'll reach title of SeniorSheepDog-ONE! NSA wants you to reach the pinacle.
Funny...I remember when Blackberry was the #1 market driver of Wall St, everything hinged on whether it rose or fell and Erin Burnett was famous for constantly flashing hers when she was talking.
What's wrong with the futures....DOW only up 40 today? Weird.
No one's buying anything unless it's 80% off. Only suckers are buying overpriced stuff like houses....they will meet reality any week now.
It's dividing up like the PC market - Windows, Unix and Apple (which is Unix).
I have the Bold for work. It blows. I was looking forward to a stable phone (my personal device is an android tabphone that only has wifi and free google voice because that wrocks...even if the NSA listens in on every call).
I chose the Bold over the touch-screen version as I had read some bad reviews about the touch screen's responsiveness. It turns out, the Bold has a battery problem..if I set it down with just a little force, the phone resets. If I talk too long on the device, the phone resets. Talk about crap on a stick.
I was so disappointed with the random crashing/resets that I've decided I will never use a blackberry product again if I have a choice. So much for stability. And in order to fix the problem, one has to pull the battery in order to get the phone to turn on again.
Bottom line: Blackberry blows goats. Probably a good time to short 'em.
Ah yes. The old blackberry battery pull. Good times.
Battery pull. There's an app for that. (Seriously)
blackberry black friday?
Research in demolition
Blackberry can't do simple things like making their OS compatible with Flash. Wtf do people expect? The apps are terrible as well.
Isn't iPhone also incompatible with Flash though?
BB 10 runs flash.
The only things being bought in this terrible economy are Guns, Ammo and Lotto Scratch-offs.
Drugs, hookers, and canned salmon are also doing very well.
Now that's funny.
I beta'd their new phone pre-release. I wouldn't buy one.
We assumed that when the new Blackberry came out that we would upgrade our staff's phones since we are only allowed to use Blackberry because of encryption. However, upgrading would have meant that we would need to invest in all new and different servers because the Z-10 and Q-10 are not compatible with the OLD Blackberry servers! ARE YOU KIDDING ME???
What genious planned this fiasco?
Now we are going to BYOD and let everyone use their own iPhones and Android devices.
Go pound sand RIMM JOB!
If BB went full tilt after its early victories It could have been an interesting three way fight. But there is no way ppl are going to drop their android or apple to have a blackberry. They need to turn andriod plus asap
Will HOG be another example of the sell side analysts taken by surprise?
The z10 is crap, it froze up on me at the store.
More piling on here ... Pump and Dump Denninger.
Eat a dick, Karl.