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BlackBerry misses forecasts; Q1 sales down 5% on weak software services biz

Shares were down by 13% in trade before midday


BlackBerry Ltd posted first-quarter sales figures that missed analysts' forecasts due to an unexpected drop in its high-margin software and professional services sales, pushing its shares down as much as 13 per cent in trade before midday. The news troubled investors because growth in software sales, which is at the heart of Chief Executive John Chen's plan for turning the Canadian company around, dropped to $101 million in the first quarter, or 4.7 per cent lower than a year ago. The Waterloo, Ontario-based company is focused on expanding sales of software products, ...

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First Published: Sat, June 24 2017. 03:22 IST