BlackBerry shares slide on talk of poor U.S. sales and returns of Z10

Financial Post | Business

BlackBerry, the Canadian smartphone maker, fell the most in two weeks after analysts said sales of its new Z10 device are showing troubling signs.

BlackBerry slid more than 7% to US$13.57 in afternoon trade in New York. BlackBerry shares were also down about 7.7% to $13.77 at 3 p.m. ET in Toronto.

“The U.S. launch of the Z10 started poorly and weakened significantly as the days passed,” Joseph Fersedi, an analyst at ITG Investment Research, said today in a note, citing information from independent dealers. Some U.S. retailers are seeing a significant increase in customers returning their Z10s because they find the interface unintuitive, Detwiler Fenton & Co. said today.

“In several cases, returns are now exceeding sales, a phenomenon we have never seen before,” Detwiler Fenton said.

The company is counting on the touch-screen Z10, its first smartphone to use the BlackBerry 10 platform, to revive growth after losing ground…

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