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Friday, Jun 28
Macquarie has cut BlackBerry (BBRY -25.2%) to Underperform following its FQ1 miss. Nomura notes...
Macquarie has cut BlackBerry (BBRY -25.2%) to Underperform following its FQ1 miss. Nomura notes EPS would've been -$0.03 rather than -$0.13 if not for one-time items, but this is still below a $0.07 consensus. Guidance for an FQ2 operating loss suggests FQ2 EPS will be below a $0.12 consensus. Thorsten Heins stated on the earnings call the PlayBook won't receive a BB10 upgrade. Service revenue -16% Q/Q, would've been -9% if not for Venezuelan currency issues. Inventories +$284M Q/Q to $887M; North America was 24.8% of revenue, EMEA 43.7%, Latin America 14.6% (hurt by Venezuela), and Asia-Pac 16.9%. Subscriber data won't be given going forward. The Q5 is said to have a relatively low margin. (previous)