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BlackBerry Stumbles on Disappointing Earnings: Ahead of the Ticker

NEW YORK ( TheStreet) -- Shares of BlackBerry (BBRY - Get Report) plunged Friday morning after reporting disappointing first-quarter earnings.

The stock is down 27% to $10.52 in trading Friday morning.

The smartphone maker reported a loss from continuing operations of $67 million, or 13 cents a share, excluding items, on revenue of $3.1 billion. The results came in below analysts' expectations of a profit of 6 cents a share on revenue of $3.36 billion, according to Thomson Reuters.

The three months through June 1 marked the first quarter that included sales of the new BlackBerry 10. The company reported shipments of 6.8 million total smartphones during the period, 2.7 million of which were BlackBerry 10 devices. Analysts widely estimated about a million more BB10 device shipments.

The BlackBerry 10 operating system launched in January on the touchscreen Z10, followed by the Q10 in April, though it didn't hit the U.S. until June.

Google (GOOG - Get Report) is said to be developing an Android video game console.

According to a report in The Wall Street Journal, Google is working on the console as well as a wristwatch, both of which could be available as soon as this fall.

The report comes as rumors circulate about Apple's (AAPL - Get Report) plans for a new-generation Apple TV box and its own smartwatch.

The Journal also reported that Google is working on expanding its hardware offerings and has plans for a new version of a Nexus Q music-streaming device. Google revealed the Nexus Q in June 2012, but never brought it to market.

Time Warner Cable (TWC - Get Report) announced an agreement with Microsoft (MSFT - Get Report) that will bring its TV app to the Xbox 360 video game system.

Through the agreement, Time Warner Cable subscribers who are also Xbox Live Gold members can download the app onto the Xbox 360. Customers will be able to watch up to 300 live TV channels right away.
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AAPL $93.74 -1.15%
BBRY $7.06 -1.53%
GOOG $693.01 0.29%
MSFT $49.87 -0.06%
TWC $212.11 0.63%


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