Executives from the BlackBerry maker Research In Motion (RIM) were grilled Tuesday by investors over the company's recent dismal performance. RIM has announced massive layoffs and its shares are trading at a nine year low. With the launch of the BlackBerry 10 delayed until next year, RIM's survival is considered to be at stake.
Research in Motion shares plunged Friday a day after the BlackBerry maker's bleak earnings report and the delay in its new smartphone platform raised fresh fears about its survival.RIM shares tumbled 19 percent to close at $7.39, their lowest level since 2003, and down more than 90 percent from their 2008 highs.Analysts said the news from RIM was deeply disappointing -- not only did the Canadian firm report a widening loss of $518 million, but it also said it would cut 5,000 jobs and delay its important BlackBerry 10 platform until early 2013.
Research In Motion (RIM) reported record Blackberry sales on Thursday, but shares in the Canadian handset maker plunged on an outlook that fell short of the expectations of Wall Street analysts.RIM shares were down 10.75 percent in after-hours trading after gaining 3.17 percent during the day on Wall Street to close at $64.09.The Waterloo, Ontario-based company reported a net profit of $934 million for the fourth quarter of its fiscal year compared with $710 million in the same quarter a year ago.
Shares in Canada's Research in Motion surged Wednesday on reports the BlackBerry maker plans to release a new smartphone next week to rival Apple's iPhone.RIM shares gained 4.19 percent in New York to close at 55.41 dollars.The Waterloo, Ontario-based RIM is holding a press event in New York on Tuesday but has declined to specify what it is about.Bank of America analyst Vivek Arya said, however, RIM is likely to unveil the new BlackBerry 6 mobile operating system and a BlackBerry 9800 touchscreen smartphone.
Research In Motion shares plunged Friday as the struggling BlackBerry maker said it will not meet its annual earnings target and it is taking a $485 million charge because of weak sales of the PlayBook tablet computer.The Waterloo, Ontario-based smartphone and tablet manufacturer, said it no longer expects to meet its full-year adjusted earnings guidance of $5.25 to $6.00 a share.RIM shares were down 8.61 percent at $16.98 in early trading on Wall Street and shed six percent to $17.36 on the Toronto stock exchange.