After showing poor second quarter results last week, BlackBerry held its annual shareholders’ meeting on Tuesday, July 9th. The Waterloo-based firm was expecting to face some harsh questions from its shareholders during the meeting who were disappointed after the company showed poor earning right after positive results at the end f 2012. Stock holders and analysts were hoping to see another good result from the struggling firm. However, BlackBerry once again proved a disappointment for its investors. While addressing investors at the annual meeting, the CEO of Blackberry, Thorsten Heins, asked the investors to have patience because, “BlackBerry is still in the early phases of our transition. This isn’t just the launch of a new product but a whole new platform. While many will judge us on the basis of one quarter of a single product, we are not a devices-only product.”
Heins request for patience in BlackBerry seems a little odd, as a majority of its shareholders have now lost patience all together because after the launch BlackBerry 10, shareholders were expecting the company to boost its earnings. The Canadian smartphone maker stunned everyone when it showed profitability last year after reducing its operating cost by $1 billion, but it has again fallen below the profit line in the latest quarter and now once again its earnings were below expectations.
Shedding light on the troubles of BlackBerry, Bloomberg reported that:
“The Z10—more than two years in the making and designed to win over the touch-screen users of Apple Inc.’s iPhone and Samsung Electronics Co.’s Galaxy lineup—sold almost a million units fewer than analysts had projected last quarter. … BlackBerry’s worldwide subscriber base slipped to 72 million last quarter, from 76 million and 79 million in the preceding quarters. BlackBerry’s share of the global smartphone market fell to 2.9 percent in March as it was bumped into fourth place by Microsoft Corp.’s Windows Phone platform, according to research firm IDC.”
Another significant thing that happened during the annual meeting was that the smartphone maker has officially changed its name to BlackBerry from Research in Motion (RIM). The Canadian company called itself BlackBerry for the first time when it announced the all-touch smartphone Z10 back in January, which took many by surprise. However, the new name was not official till July 9th when finally shareholders and directors of BlackBerry endorsed the change by voting in favour of the name.
Source: TechVibes
Photo: Guardian
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