RIM shares tumble
Posted Jun 17, 2011 10:01:46 AM.
This article is more than 5 years old.
Research In Motion shares were down during mid morning on the Toronto Stock Exchange, as investors react to uncertainty about the BlackBerry maker’s future.
The company’s stock tumbled dramatically in early trading on the TSX.
Technology analysts are questioning whether RIM can retool its iconic product lineup in the face of intense competition.
The market slide comes after RIM announced plans on Thursday to cut jobs as it works to roll out a new generation of products to stay competitive.
RIM expects to deliver smartphones with upgraded operating systems in late August and September. More powerful BlackBerrys with the same operating system as the PlayBook tablet will be out in early 2012.
The company’s first quarter profit of US$695 million met analyst expectations, but only after RIM previously lowered its financial guidance for the quarter.
