Will Q10 demand drive a huge turnaround in BlackBerry’s financial results?

BlackBerry Q10 on Wall Street
By Chris Umiastowski on 6 May 2013 01:02 pm EDT

Last quarter, with only one month worth of Z10 shipments, BlackBerry shipped one million devices running the new BlackBerry 10 platform and posted better than expected results - particularly gross margin. 

Now that the Q10 has hit a few markets, could things get even better? Could BlackBerry return to a level of profitability worth of Wall Street respect in the next couple of quarters? I suspect so. 

On the CrackBerry tip line, recently, we received some information regarding the mix of Q10 vs. Z10 production.  It lines up with the expectations that many of us have been discussing over the past couple of months. The tipster’s best guess is that BlackBerry’s production mix is now 3:1 in favour of the Q10. Estimated production, based on the tip we received, is currently 2 million Q10 devices per month. 

We discussed the potential for the Q10 to be a cash cow for BlackBerry over the next few quarters. There are tens of millions of keyboard-loving BlackBerry subscribers toting around pretty ancient hardware. Logic tells us that if they wanted to leave the platform, many of them would have done so already (as did so many people in the US market). Remember, the BlackBerry subscriber base was actually still growing up until two quarters ago. We also know, from early reports of Z10 sales (made by BlackBerry executives), that a big chunk of buyers (about one third, according to Rick Costanzo) were people either new to the BlackBerry family, or returning home

How many of those folks, who left the family, might now be inclined to come back home because they miss their keyboard?  Clearly not all, and not even a majority. But I think a pretty good sized number of people will come back given the power of BlackBerry 10 combined with the keyboard that made the company famous.

When the Z10 launched, BlackBerry shipped one million in the first month. That was a launch month. Volume should be higher than average. So if the company is now making 2 million Q10s, with a 3:1 ratio of Q to Z, then it suggests they’re doing 666,000 Z10 per month, or 2 million per quarter. Q10 volume would be running at 6 million per quarter, implying total BlackBerry 10 shipments of 8 million per quarter.

Obviously the Q10 won’t drive the May quarter too much because availability will have been concentrated around quarter end, just as with the Z10 release. But I’d be surprised if they don’t sell well over a million devices in the quarter, along with a full quarter of Z10 shipments.

I’d be surprised if they don’t sell well over a million devices in the quarter

By the August quarter, things should be looking interesting. It will be the first full quarter of availability for the Z10 and Q10 in essentially all major markets around the world. If they’re running at 8 million BB10 devices quarterly the numbers get interesting.  Let’s say the ASP is about $450. Sure, the Z10 likely started higher. And the Q10 may move down, but it started higher too. Let’s assume the Q10 price drops. $450 x 8 million is $3.6 billion in hardware sales. If they can get the hardware margin to hold around 30% (very reasonable for that price point), then we’re talking about $1.08 billion in hardware gross profit.

Last quarter BlackBerry brought in only $2.7 billion in revenue, of which $1.65 billion came from hardware (all hardware, not just BB10). Older BB7 hardware made up the vast majority of this, and is sold at very low margin (if not slightly negative). If they can get hardware to contribute a billion per quarter to gross profit, and even keep half of it after ramping up marketing and losing some service revenue, it’s possible to see this company improving annual profitability by $2 billion.

So between now and August, if the volumes do actually ramp to 8 million units of BB10 per quarter, it seems this company could bring in an additional $2 billion of profit per year, which works out to $3.88 in EPS.

What does Wall Street think? According to estimates from S&P Capital IQ, the Street thinks fiscal 2014 (that’s the year BlackBerry just started) is going to be the peak earnings year... with a whopping $0.43 of EPS.

I can’t predict the future. But I do think the Q10 has pretty awesome demand

Listen - I don’t know what’s going to happen. I can’t predict the future. But I do think the Q10 has pretty awesome demand. I do hear people telling me how much they don’t want to give up a physical keyboard (hence are likely to buy a Q10. I do love my Z10 and I can understand why people who pick one up aren’t going to leave the BlackBerry family. I do think BlackBerry can sell these things at a respectable margin. And the math isn’t that complicated.

The obvious potential fly in the ointment here is the service revenue. They’ll keep dropping, and I’m very curious to see what kinds of new services the executive team unveils. That, and I’m anxious to see how the transition to BES 10 goes.

Reader comments

Will Q10 demand drive a huge turnaround in BlackBerry’s financial results?


Not a fan of smoking either, but I still vote to have her hold the phone for every photo on this site from now on...

Have you never played a sport without a goalie? It doesn't mean you can score. You have to play harder.

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Honestly, I'm so tired of people picking on smokers. Believe it or not, there ARE worse things in the world...

"picking" on them? It's not like anything we say will harm her in any way. I'm sure she has a boyfriend or husband that loves her and a million guys hovering over her like vultures waiting for an opening. Some of us just prefer certain things. Just like if you do not like girls that are too skinny, too fat, blonde, brunette, it's just preference. I don't really "prefer" to date smokers either, I'm not "picking" on them, just not my preference...

Picked up a Q10 and played with it yesterday at Walmart. Very high quality feel. It's going to sell well.

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I played with one on launch day as well and you're right, it's a very premium feeling device. It's easily on par with the HTC ONE and any iPhone, my white Z10 feels like a mid-range/low end device in comparison.

BB, please build the next full-screen phone with similar materials as the Q!!

Did you pick up / play with a black Z10? We just purchased a Q10 for my spouse yesterday and I find the black Z10 to feel the same high quality as the black Q10. The white Z10 does feel inferior quality to the black Z10.

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Yep, the black Z10 does feel a lot better due to the soft touch battery cover (the white/black 9900 had the same difference too), but still isn't up to the black Q10 IMHO. That carbon glass weave back is gorgeous and felt wonderful, so does the metal surround/band (which obviously no Z10 has).

Chris, great article! Again.. I like your work and I am on same boat with you..btw.Do u buy Q10 or are you going stay with Z10?

What is also a factor; not only die-hard BB-fans are keyboard lovers... You have users from almost every platform wanting an actual keyboard for their day to day. I think that both the Z and the Q will do very well. It may take some time, but I can totally see this happening. As always Chris, excellent write up and thank you for sharing!

Great insite Chris. Always enjoy hearing your 2 cents. ( in Canada it is nickel or nothing...but you get the point. )

CB10 App, Z10

I don't see service revenue being a problem. They lose $2 of bis revenue per user per month but they should get tons of revenues from apps and music..

Also bes licenses are 100$ per user per year. Add all the Android and ios users to the mix and the $2 pales in comparison.

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Good luck, I'm a BlackBerry newcomer and it was the best move I have ever made. Boo to the IPhone

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Your articles are enlightening! Keep up the good work.

And good luck to BlackBerry, I really want to see them doing more than well.

Love the leather skirt...oh, the write up is well done too :)

I'm in the same boat...VERY curious as to how they are going to utilize their NOC with mobile computing model they are bringing...exciting times.

So Chris from the picture I took away the impression that BlackBerry is smoking hot right now and your excellent article backed that up. Thx.

BBRY just needs to be shugging along with compelling features and new sexy devices. We're not going to see a huge turnaround in the next 6 months simply because many smartphone users are locked into a 2 year plan. Many of those folks may consider BB10 devices when it comes time to renew their contracts, so BBRY will need to have a solid platform in place and a compelling vision for users to buy into. This needs to be defined now to slow and stop any bleeding of the subscriber base. I certainly believe we will see a jump in BB subscribers next quarter thanks to Z10 and Q10 sales, but at BlackBerry Live, Thorsten needs to give consumers a vision of where BBRY is going, especially since he is making radical statements and predictions. I think that was just an error in judgement, because desktops are being replaced by laptops, laptops by tablets, and tablets by phones -- everything is becoming more mobile as technology advances are made. There will still be tablets, just more powerful ones.

I'm sorry. Did I miss something Chris? The Q10 is the heavy buisness device correct? But as it stands BBRY has not released compliance with High Availability Enviroment. There is also no Citrix compatibility and no RSA secure ID that can be deployed across the BES. How is BBRY or any analyst planning on huge corp. uptake when all the largest corps I know who have already obtained BES10 and approved BB10 are holding off rollout until they have HAE and RSA?

Very good point. So the Q10s are blowing off the shelves even before these big corporate buyers step up to the plate. My buddy says he was in a store in Toronto that was selling way more Q10's than S4s on S4 launch date. Not what I expected, but I just got a Q10 and it is outstanding!

Blackberry has def come around 360 degrees. I think with the haitus and the re-launch will propel the company to its former glory. I defected for 2 years to and android device, yet patiently waited foe a new blackberry with a qwerty key board. I absolutely hate touch screen typing as that is my no. 1 complaint how in accurate touch typing is. Even after 2 years im back to the blackberry q10. I cant ever see anyone who relies on typing on their device for textual communication ever go off blackberry as RIM really nailed the technology with their famous qwerty keyboard.
Blackberry is one of the best products for efficient typing and will always continue to be the product of chlice for those that email alot as well.

i defected to stupid android with the touch screeens and for the life of me still cant get touch typing correct as i know im typing correctly. Ive waited patiently and am so glad to be back on board BB.

Sorry but I don't see the Q10 being HUGE for BBRY. There are some keyboard lovers, but the market has shown the qwerty and even sliders are NOT what consumers want. Add in the fact that it's pricing isn't very friendly, and you have a niche product at best. Maybe later in the year when the "less expensive" device come out maybe the BB10 Platform will see some consumer love.

Agreed, its not a growing market, but a pretty big one that is there for taking with no competition, so why not take it? It provides the necessary revenue to help Blackberry address the growing market. The Z10 was just their entry into it. I am pretty confident in speculating that they have something in the works on that end. They keep hinting that after they get the mid-tier products out later this year, that they will unveil something that could get even the touchscreen guys to sit up and take notice. Interesting and positive signs for what is ahead.

Being the first comment in Crackberry, please don't shoot me if my English is not perfect. I am not a native English speaker.

Having said that, my take on Q10 and response to this comment is that it is not all about qwerty keyboard. I speak only for myself, and I don't claim to be a representative of every keyboard phone user.

For me, a phone should be a device that primarily does it's job. Voice with clarity. Then should have excellent messaging facility. Perhaps a good internet capable device. With a camera of decent specification ( read 8 megapixel ) and sturdy.

My current phone is an ancient Bold 9000 (with a hybrid OS ). I have tried full glass android ( LG Optimus 2X). Then a Nokia Pureview 808. Before that I had a Sony Ericsson M600i. Among these Sony was the best business tool I have used. Then the Bold. So, many friends of mine are waiting for a holy grail phone to come into the market. A powerful business tool with decent internet and multimedia capabilities.

I clearly see that Q10 is what fits in such a place.

My two coins here :-)

I seriously don't believe the Q sales will keep ahead of Z sales by 3:1. Yes, for those who want and need a physical keyboard, they will upgrade sooner rather than later, but this sharp rise in sales may not be sustainable. I think the Q sales will in turn help Z sales too, as each are supporting the BB10 platform. The R10 and the next full-touch device will also strengthen the platform, encourage more apps, and capture the imagination of consumers.

Folks should not be misled with calls for BBRY getting firmly back into the corporate business environment, perhaps even exclusively. That is just nonsense. BYOD is the current reality in the corporate environment so BBRY must look towards consumers. BBRY understands that so BES10 and Mobile Fusion provide businesses more choice.

I'm hoping I'm wrong here that the market for a physical keyboard is far less than the market for a full touch device and that the initial surge in Q sales is not sustainable. Perhaps with a modern OS platform, the physical keyboard device will win over more fans, but when you look at the consumer market for multimedia and games, screen size becomes super important.

"BYOD is the current reality in the corporate environment so BBRY must look towards consumers. "

In the USA. For BlackBerry, the USA is not the world.

Much of the world will follow what happens in the US. Blackberry started loosing marketshare here in the US, and is now loosing in the rest of the world with its out-date BBOS devices. IF the US consumers can find anything to love about BB10 and it's associated devices, then I bet much of the world will follow.

But there are also areas of the world that LOVE legacy Blackberry and many of it's unique features... that sadly the new platform no longer have. Not sure how long they will be able to continue to buy BBOS7 (maybe 8 & 9) devices that have BIS support and special BlackBerry data plans.

The same trend is growing in the UK too to be fair. The era of corporate issued devices is coming to an end now everyone has their own smartphones.

Agree with all points, especially that Q10 cannot sell more than Z10. But disagree the point about BYOD. BYOD is a myth that is dying. There is no single serious business does BYOD unless it has financial problems.

Since BlackBerry only has 2% of total smartphone market in the USA, even a 2% bump will double BlackBerry. The release of the Q10 should get loyal BlackBerry users and returning ones back.

Chris you wrote:"...if the volumes do actually ramp to 8 million units of BB10 per quarter, it seems this company could bring in an additional $2 billion of profit per year, which works out to $3.88 in EPS."

Are you assigning an EPS of 12 cents per million BB10 devices sold? (8 million x 4 quarters = $3.88 in EPS) Others have given an EPS of twice that for each million sold.

I cannot stand why seemingly independent-thinking people/professionals when it comes to buying stuff, buy what the rest of the sheeple are buying.

Nice skirt.

I think the q10 will fair well with existing BlackBerry owners who have legacy devices and want to upgrade, but I doubt they'll get a lot of migration from full touch iphone or android users. I just can't see someone who's used to a full screen touch devices switching to a half screen keyboard device. The z10 was different in that it was an easier sell and switch for those users on other platforms.

So if the main and perhaps only sell for the q10 is upgrades within blackberry's existing base, is it really that big of a success? Isn't the whole goal to regain a much lost market share to android and apple?

I get that they need to satisfy the diehards who love qwerty bbs and have been looking forward to bb10, I just don't see this as a huge success outside of their reg business.

In my opinion its the z10 and any future iterations (slider, etc) that should be the real focus to take back some lost business from other platforms.


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Your misunderstanding what Blackberry is and who and why the keyboard phones are used. Run 3 businesses while mobile and you'll understand the fanatical fan loyalty to BB. The Z10 is designed to win non-traditional BB customers from other platforms but it is NOT the device that will keep the existing user-base happy. Enter Q10 and I CANNOT wait to get my hands on one.

Undertand that your perspective isn't the only view in the world and you'll understand why Q10 IS that device you don't think it is.

I just switched to the Q10 from a touch screen device. I cannot type on glass. Most of my buddies who own an iphone and are using it for business are switching to the Q10 too. The iphone is really for kids and housewives. How can a business person be expected to type long and accurate e-mails on glass. When I travel, roaming sucks the life out of a battery. I need a heavy duty battery and extraordinary batter life (which the Q10 has), and I need to be able to occasionally swap batteries, when I inevitably forget to charge my Q10 and need to Keep Moving! There is not other choice for business, the Q10 is it. Here in Shanghai and loving my Q10. BTW, everyone who sees the Q10 wants one.

I disagree, I'm an entrepreneur myself running two companies. Touch screen works great for me and switching to a keyboard would slow me down significantly.

That's not because touch is faster then QWETY but because I'm not old enough to have experienced the glory days of BlackBerry. By the time I had the money to buy a top-tier BlackBerry phone the iPhone was out and seemed to be the best on the market, after 2 years of iPhone, and 4 of Android there is no way I could use the Q10(I tried). I would assume you've been using QWERTY as long or longer as I've been using full-touch. That's why it's faster for you, not because QWERTY is superior in anyway.

therock1975 - I have to agree about the service revenue.
Before I purchased a Z10, I had never purchased any apps or music for my previous BB, (9800) now with the Z10, I have personally spent close to $100 on apps and music. This is like a brand new revenue stream to BB, because I just can't imagine very many people were spending too much before BB10.
Service revenue is about to go up, not down

Yes, Q10's demand will drive a turnaround, but if Blackberry releases the R10, then it will hurt the Q10. Do not release that R10! Blackberry needs to look at Palm and make sure they are not making the same mistakes or they will experience the same fate.

Look at: "Palm Pixi"

The people who can get a Q10 will get a Q10. People who don't need the power of the Q10 or cannot afford one will get the R10. no problems here.

"When the Z10 launched, BlackBerry shipped one million in the first month. That was a launch month. Volume should be higher than average"
That was a limited release in only a couple of markets, Shouldn't the month they launched in the US be the peak of Z production? Also 3 to 1 q to z ratio may happen for a couple of months maybe but it will drop off after that imo.

When it comes to market share we forgetting that besides the US market share dropped only because there was know a larger pool of users utilising smart phones as opposed to feature phones.

Yes we may not get huge increases in market share but that does not mean we can't turn a profit or make good profits.

I believe that BlackBerry can reclaim a huge dominance in the smart phone and super phone area but we need to get better at marketing and selling our products. BlackBerry Balance is great but if we don't get companies to go with the BlackBerry Enterprise solution we going to get negative reaction in the corporate world even though BYOD is a reality. The concern is that other solutions even less adequate will get in like the latest offering from SAMSUNG because they appear to do the same as BlackBerry.

We all know that's far from the reality but when you have tons of cash to throw behind marketing we all know what happens.

Where is our marketing and communications strategy heading.

Lastly I hope we see a glimpse of the future that is BlackBerry with a surprise announcement that once again sets people talking about BlackBerry



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Women that smoke are 4 times ore likely to cheat or sleep around. so the advantages or disadvantages of the cigarette depend on your point of view!!

Nah, by the time BES 10 is ready, the Curve will be there and that's what will be handed out as a 2nd phone in financial services. The Q10 is only for some execs.
At the same time, BlackBerry will finally have a cheap device to sell and that's what most of the customer base can afford.

So let's wait for Q3 to see how their strategy pans out.

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Chris, Thanks for the article and the insight on production levels. If these rates are accurate, i would expect total shipments in the August quarter to be well north of 10mm units if we include older BB models? Also, is this Q10 production rate just for the initial ramp or will it be sustaining? I presume that if the z10 production rate is 667k, it has dropped off a fair bit from the 1mm+ levels previously reported by some analysts.

"Only 2. 7 billion". I guess it's a matter of perspective, but I'm sure there are many businesses that would like to be taking in 2.7 billion in one quarter. Good article though.

Seeking Alpha seems to think so after being short on BBRY for most of 2012 and 2013, the problem with prognosis is that they typicly only take know factors into accounts, as Such there's no projection for bugs errors a device being called back a factory burning or whatever. The market seems to be asynchronys with reality and just slightly ahead of it at the same time. When BBRY were at their lowest everybody seemed certain of banktryptcy, now many seems certain of heaven, the truth is probably somewhere in between, That being said a browser growth of 21% for the UK does seem really impresive, http://seekingalpha.com/article/1398561-blackberry-browsers-grows-21-in-...

All in all I refuse to hint openly at one or the other (banktruptcy or turnaround) as it may mislead people, Do I think they have a unique product yes but so did betamax video 2000 and more recently HD-DVD without any comparisson other than it's not always the best product that takes the prize

Twelve month stock chart:
Apple: high 701.90, now 460.00
Blackberry: low 6.52, now 15.63
Enough said when I 'fight' with my friends who say Apple is king.

Apple was as low as $395. The only reason it is going up lately is that Apple has decided to borrow to pay big dividends through 2015. They are doing a bond issue and the only reason they are doing the bond issue is to appease shareholders (by promising to pay lucrative dividends mostly from debt - bond issue). Shareholders of Apple stock have no doubt been concerned with the sharp downward trend in the stock price. The promise of higher dividends has driven the price back to $460, but at what cost down the road? To me it's like buying time until they can come up with some new innovative products that will drive the stock price up based on performance merit. Blackberry, although a much lower cost stock, has creeped up to around $16 on mostly product merit, shorters aside.

I think the $$$ is in software and services...BB needs to ramp the "secure workspace" into the enterprise/goverments and collect the dough per Android/iOS units...I wander if they will add support for Windows phones also??

My main concern is getting Link 100% with Outlook sync... and compatible back to Outlook 2000 or 2003 at least.
I will hold off until that is solid.

"Will Q10 demand drive a huge turnaround in BlackBerry’s financial results?",,, in a word, no,,, does anyone else think these #'s just sound unrealistic??? if i'm not mistaken, even the quarterly was vague in classic BB fashion,,, show me real #'s & there may be a point to be made...

The marketing for BES10, its features, and BlackBerry's work with security Android and iOS using BES10 will be critical to that being a service revenue staple.

More importantly is for BlackBerry to start hard in earnest to work with partners to launch any and all M2M initiatives to fruition and quickly!!!

I like to have that hot women in this topics initial picture as my business partner ya know what I mean.

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I doubt that it will. Apart from the fans, there really isnt an real reason for people on other platforms to switch to a q10. Its over priced with a small screen and mid range specs and doesn't have apples mass appeal.

PB 32gb/9900

Why does everything have to fall to the lowest common denominator? Some people value communication functionality over multi media functionality.
Consumers with sufficient income and the need for superior mobile communication functionality would usually opt for a tablet and a smartphone. Why would I compromise my communication efficiency for the sake of a very rare game of Angry Birds on the device?
Not everyone lives the same lifestyle. There are definitely more than enough customers for a stellar communication device like the Q10. Being a tech buff and a business owner , I need the device to be best in the class that suits my needs.

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It doesn't appear that any one is listening to Canaccord Genuity as there was little change in the share price today.

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Very interesting post. I was looking forward for numbers about the sales of BlackBerry 10. And somehow I'm surprised by the 3:1 factor for Q10. I thought Z10 was going to be more cash cow. But of course... physical keyboard it's physical keyboard!

We need tools, not toys.

That ad you linked to when you said "or returning home" is awesome. Shame BB doesn't put out ads like that.

I like your numbers, I think BB has to push hard in the coming months.Put out a few great commercials,now is the time to catch the wave of people who have purchased the new BB10's.It's summer time, and we are all out and about, showing off our great phones,People ARE starting to realize that BB has new product and you have to admit ,It's the owners who market these devices,once they get one.Marketing is so important NOW!!Come Sept.,If they push REALLY hard we will see much better numbers,Thor has said they have increased production' I want them to do it again.

substantially speaking the business aspect of the Q10 will dominate the otherwise "app crazy" toting iPhon-ies and Bland-droid's out there. in order to get things DONE the Q10 is it, with it's fast processor and ultimate security, i can only See BlackBerry going way up from here. Crackberry 4 Life (whut, whut)

No. It is either silly or unprofessional or misleading-on-purpose for CrackBerry site to ask this question.

The only available device that can turn around BB is Z10. I have to tell the truth although I am a long time keyboard BB user (Since 950 till 99x0 and Q10) and a BB supporter forever. The only way to make Z10 succeed is to quickly fix device software bugs, push out OS updates, and make the Casdades dev tools better than the competition .

Another sign of Q10 is not selling more than Z10, even at beginning, is that app vendors don't see much downloads from Q10. When Z10 was first launched, the app downloads from Z10 jumped obviously. I am wondering where are those sold Q10s, or Q10 users do not need apps? Not a good sign.

"... implying total BlackBerry 10 shipments of 8 million per quarter - "willful manipulation"? Or your wildest day dreaming. Blowing the bubble up now would only hurt BB when the true numbers are released. Be responsible, CrackBerry !!!

BB supporters should face the reality and give RIM the necessary and accurate feedback.

All signs show that BB 10 is unlikely to sell more than 4 million in the current quarter. But this is perfectly OK for BB. If these 3+ million devices are mostly high quality Z10, BB will soon turn around. But if it is less than 3 million, then BB will no longer be here this time next year although the BB 10 OS will survive one way or the other (Another big one would buy BB because BB 10 OS is indeed a generation ahead of the competition).

BB fans should be proud of BB 10 and stay faithful. But blind optimism or willful manipulation doesn't help BB's turnaround.

While I think the hardware is overly weak for the Z10 and the Q10, I do think think Q10 is going to be bought up by the 50 to 70 million current BB users at a 5 to 1 ratio or higher. The problem is blackberry needs to put out a keyboard device with a bigger screen. There is no technical reason blackberry users should be left behind on the hardware front having to wait until the fall for bigger and better versions. Q10's aren't available yet from. ATT and I am tempted, but my 9810 torch does what I need, my contract is up in june, and Q10 just isn't the BB I want.. A 4.5 inch screen slider with keyboard, 4gb of ram, 64gb onboard storage, 4 core nvidia chip at 2ghz or higher, 10mp or higher cameras front and back, 4g lte, etc.

BlackBerry release date and purchase date are hurting the company sales. I have been a fan of BlackBerry for a while and it hurts me to say BlackBerry has bad timing. Just like everybody else I watch BlackBerry announce the BlackBerry z10 and q10. I waited and waited until 2 to 3 month after the BlackBerry z10 was announced to purchase it. During that time I thought about leaving BlackBerry but decided to stay. I have been with RIM/BB through the two-way years, scroll on the side years, pearl years,bold years and the touch screen years. I now see a company that is out of touch with it users. I love my z10 device but I will not continue to support a company that drags its loyal fan base along with broken promises. I have at least 30 friends including myself who are still waiting on the a10 to release in the US. My z10 is great but I really wanted the q10. BlackBerry my not need the US but, there are US fans that need blackberry. My husband has told me to come over to the other side (Apple, Samsung). He has abandon BlackBerry for the Note 2. I know that as BlackBerry fans we can ignore facts but BlackBerry has to do better with making these device available while the demand for them is high. Every BlackBerry fan knows that blackberry would have sold more units if the q10 and z10 had an early release date and a better marketing plan.
These are only my opinions

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