BlackBerry Shipped Just 2.7 Million BB10 Devices in Q1, Stock Drops 25%

BlackBerry still has a long way to go to prove its recovery is working.

BlackBerry reported revenue of $3.1 billion in the first quarter, coming in well below the consensus estimate of $3.36 billion. The company also reported a net loss of $84 million for the quarter, or -$0.13 a share — a bad surprise considering that analysts had expected BlackBerry to report a net profit of $0.07 a share.

The company revealed that it shipped 6.8 milconlion smartphones in the June quarter, an increase of 13% from the previous quarter. However, BlackBerry did not disclose sales figures for its BlackBerry 10 products in its earnings report — a particularly troubling sign for investors considering that this marked the first full quarter that these devices were available. In the earnings call that followed, the company revealed that about 40% of smartphone shipments were BlackBerry 10 devices, meaning it shipped (not sold) just 2.7 million BlackBerry 10 devices in the quarter.