Bloomberg News

BlackBerry Shares Drop As Home Depot Says Ditching Phone

February 11, 2013

BlackBerry (BBRY:US) shares fell 4.6 percent in New York trading after Home Depot Inc. said it will stop issuing the Canadian company’s phones to its corporate employees and managers.

The home-improvement chain will swap out 10,000 BlackBerry models with Apple Inc. (AAPL:US)’s iPhones, said Stephen Holmes, a spokesman for Atlanta-based Home Depot. The change won’t affect the 60,000 mobile devices used by store employees, he said.

The move deals a setback to BlackBerry, formerly known as Research In Motion Ltd., which unveiled a new lineup last month in a comeback attempt. After years of losing ground to the iPhone and Android devices, the BlackBerry’s market share has slipped into the single digits.

Shares of the Waterloo, Ontario-based company fell to $15.73 at the close in New York. The stock had climbed 39 percent this year before today, fueled by optimism that the new BlackBerry 10 operating system will be a hit.

Home Depot’s switch to the iPhone was previously reported by the AppleInsider site.

To contact the reporters on this story: Scott Moritz in New York at smoritz6@bloomberg.net; Chris Burritt in Greensboro at cburritt@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net


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Companies Mentioned

  • BBRY
    (BlackBerry Ltd)
    • $10.11 USD
    • -0.19
    • -1.88%
  • AAPL
    (Apple Inc)
    • $102.2 USD
    • 2.44
    • 2.39%
Market data is delayed at least 15 minutes.
 
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