Apple is in great shape; BlackBerry, not so much
Monday, September 23, 2013 4:21 PM
As one smartphone company had a record-breaking weekend, another may be nearing its end.
Apple Inc. sold 9 million iPhones over the weekend as it debuted two new models,Bloomberg reported. That was almost double the previous record.
Even with supply constraints, sales were high for the iPhone 5, which is the higher-end version of the two handsets. Apple shares rose as much as 6.3 percent, the biggest intraday jump since November, as sales exceeded all projections from analysts.
"The rumors of Apple's demise are severely exaggerated," said Laurence Balter, an analyst with Oracle Investment Research, in an interview with Bloomberg. Oracle's clients are Apple investors.
BlackBerry, though, released its preliminary quarterly financials on Friday, CNN Money reported. The company confirmed that it will lay off 4,500 staffers by year's end and said it may report a loss of as much as $1 billion in the quarter.
Shares fell 5 percent Monday after falling 17 percent on Friday.