07/02/2013 03:27 EDT | Updated 09/01/2013 05:12 EDT

Shares in BlackBerry continue to fall after recent quarterly earnings

WATERLOO, Ont. - Shares in BlackBerry (TSX:BB) fell nearly eight per cent Tuesday, just days after the smartphone-maker reported dismal earnings in its latest quarter.

BlackBerry stocks closed down 7.76 per cent, or 86 cents, to $10.22 on the Toronto Stock Exchange. On Wall Street, company shares fell more than five per cent, or 59 cents, to US$9.70.

The Waterloo, Ont.-based company has been clobbered on both stock markets since Friday, when it posted a first-quarter loss of U$84 million, or 16 cents per share, for the first three months ended June 1.

It was an improvement from a loss of $518 million or 99 cents per share a year ago, but still fell short of analysts estimates.

The results, along with comments from chief executive Thorsten Heins that further losses were expected in the next quarter, contributed to a 26 per cent drop in BlackBerry shares on Friday.

In an analyst note Monday, Kris Thompson of National Bank Financial continued to rate BlackBerry's stock at "Underperform," and said the technology company's risk rating remained "Above Average."

Thompson estimated that the stock will fall to US$8 per share.

"The company is likely not sustainable for long at this pace without additional significant rightsizing," he wrote in the note.