BlackBerry shares fall on analyst concerns about sales

Shares in BlackBerry Ltd fell 5 per cent on Wednesday after an analyst said initial sales of its new mid-tier Q5 device were weak in the United Kingdom, while sales of its other BlackBerry 10 devices remained lacklustre.

"Our checks indicate initial Q5 shipments into the United Kingdom of roughly 10,000 to 15,000 and first-week sales of roughly 5,000," said Pacific Crest analyst James Faucette in a note to clients.

Mr Faucette, a longtime bear on BlackBerry, said his firm's checks across the United States, Canada and the United Kingdom indicated weekly sales run rates for devices powered by the new BlackBerry 10 operating system continued to decline while inventory levels largely continue to rise.

Late in June, the company reported BlackBerry 10 device sales fell well short of investor expectations, sparking a sharp selloff in the stock.

BlackBerry was down 4.5 per cent to $9.20 in early trading on the Nasdaq. Toronto-traded shares fell 5 per cent at C$9.69 at 1440 GMT.

Copyright @ Thomson Reuters 2013