Research In Motion Ltd. stock drops 19 percent

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The stock of RIM, maker of the BlackBerry, dropped 19 percent in value after reporting its first-quarter sales Friday, said Business Week.

The company's losses were more than five times larger than anticipated, as the price of one share of stock fell 37 cents, said Business Week.

RIM also reported that the release date of its newest BlackBerry operating system, BlackBerry 10, will be delayed until early 2013, said the San Francisco Chronicle.

Because of a 41 percent decrease in sales, RIM will be cutting 30 percent of its workforce, a total of 5,000 jobs, said the San Francisco Chronicle.

Michael Walkley, an analyst at Canaccord Genuity Inc., said that it is likely that RIM will put itself up for sale due to its inability to compete with Google's Android and Apple's iPhone, reported Business Week.

RIM did not comment on any takeover speculation, said Business Week.

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This page contains a single entry by joh08262 published on July 1, 2012 6:57 PM.

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