Blackberry share price slumps after surprising the market with sales miss

 
Oliver Gill
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Shares in the Canadian-headquartered firm had previously soared during 2017

Shares in Blackberry were sent sprawling in pre-market trading after quarterly sales volumes flopped, missing market estimates.

The Canadian firm said it had received over 3,000 orders from enterprise customers in the quarter, down from more than 3,500 orders in the preceding three months.

The US-listed group's share price has leapt in recent months, up more than 60 per cent during 2017, after green shoots emerged from its turnaround and the market speculated it could be ripe for a takeover.

Read more: Blackberry's famous qwerty keyboard is back

Prior to markets opening though, the company's stock fell over six per cent in grey trading.

Revenue for the three months to May fell from $400m recorded in 2016 to $235m. Analysts had pencilled in sales of $264m.

However, chief executive John Chen said the firm had made "great progress strengthening our strategic position in emerging growth markets".

He added: "Our financial foundation is solid.

We are better positioned to invest in our strategic areas of focus to drive long-term sustainable growth.

Read more: End of an era: Blackberry will no longer make its own phones

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