BlackBerry reportedly slashes Z10, Q10 production in half as sales slow

BlackBerry posted fiscal first quarter results that missed analysts’ estimates by a wide margin. The company’s surprise loss was obviously troubling, but even more so was the fact that BlackBerry 10 device shipments came in at 2.7 million units, missing consensus figures by a wide margin despite the fact that this was the Z10′s first full quarter of sales and the quarter in which the Q10 launched. Following the company’s results, Jefferies & Co. analyst Peter Misek is now reporting that BlackBerry has slashed combined Z10 and Q10 orders to 1 million units per month, a 50% cut from the 2 million units BlackBerry had on order each month. In a note picked up by Barron’s, Misek says he’s not surprised by the cut at all, but rather is surprised that BlackBerry had previously “raised build plans at the end of May despite the worsening sell-through in the back of the month.” Misek still has a Buy rating on BlackBerry shares with an $18 price target.

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