Everyone knew BlackBerry's earnings report on Friday would be bad, but not this bad.
BlackBerry's revenue in the third quarter fell by more than 50% from the same period a year earlier. The company's net loss for the quarter topped $ 4 billion due to restructuring costs and unsold devices. Yes, billion with a "b." And it barely sold more than 1 million BB10 devices, proving once more that its make-or-break smartphone product line is broken.
So, naturally, Wall Street reacted by dumping the stock and burning effigies of Alicia Keys, right? Not quite
After initially declining by as much as 7% in pre-market trading Friday, BlackBerry's stock rebounded and was actually up by more than 15% at one point in morning trading. As of this writing, the stock is still up more than 13%. If that makes your brain hurt, you're certainly not alone. Read more...
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