Blackberry maker's attempts to revive its fortunes fall flat after share price plummets by 29% and it announces £55 million loss

BlackBerry's attempt to revive its fortunes with a new operating system appears to have failed.
The price of shares in the company that makes the devices has plunged after it posted a loss in the first quarter of this financial year.
Research In Motion also warned of future losses despite releasing its make-or-break new smartphones.
The company announced that it will no longer make new versions of its slow-selling tablet device, The Playbook.
RIM said it sold 6.8 million phones overall in the first quarter compared to 7.8 million last year.
Mike Walkley, an analyst with Canaccoord Genuity, said it's clear the new operating system has not turned the company around.
‘With Z10, Q10, and Q5 all shipping in the August quarter and BlackBerry still guiding to a loss we believe that is strong evidence BB10 has not turned around BlackBerry in an extremely competitive smartphone market,’ Mr Walkley said.
Chief Executive Thosten Heins said that the ‘transition takes time’ and noted things are better compared to last year when ‘we were told the company was finished’.
Shares in Research in Motion Ltd lost 29 per cent of their value during trading this morning.
The share price crash was prompted by the Canadian company’s admission said that it lost £55 million in the three months period which ended on June 1. 
Mr Heins noted the highly competitive smartphone market makes it difficult to estimate revenue and levels of profitability.