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BlackBerry climbed to its highest level in more than a month after Chief Executive Officer Thorsten Heins said he sees sales of its new Q10 device to be in the “tens of millions.”
“We have very, very good first signs already after the launch in the U.K.,” Heins said, referring to the device which features a keyboard, in an interview with Bloomberg Television today at the Milken Institute conference in Los Angeles. “This is going into the installed base of more than 70 million BlackBerry users so we have quite some expectations. We expect several tens of million of units,” he said.
The shares rose 3.9 percent to $15.61 at the close in New York, the highest price since March 21. The stock has increased 32 percent this year on optimism that the new BlackBerry 10 lineup can help fuel a comeback.
BlackBerry is counting on a wave of upgrade buying from BlackBerry users who prefer a physical keyboard to drive Q10 sales and help revive revenue growth. While the touch-screen Z10 sold a million units in its first quarter that ended March 2, in line with analyst estimates, the company’s stock has experienced volatility in recent weeks following reports of lackluster demand for the Z10.
Department store Selfridges and outlets of Carphone Warehouse sold out of the Q10 quickly, Peter Misek, an analyst at Jefferies Group LLC in New York, wrote in a note today.
“Salespeople were well-versed on the device and there was more apparent buzz versus the Z10 launch,” Misek said.
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