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 [3]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:
[4]
Stock down betwen 15% and 20% pre market.