BlackBerry maker stock slips to new low
Three people on the floor of the New York Stock Exchange display their Blackberry smartphones, Wednesday, May 30, 2012. Research In Motion Ltd., the maker of the BlackBerry, is in steep decline. The company, once the crown jewel of the Canadian technology industry, is now worth 1 percent of Apple’s market capitalization. AP PHOTO/RICHARD DREW
NEW YORK – Shares in BlackBerry maker Research In Motion fell below $10, the lowest point in nearly eight years, amid growing concerns about the outlook for the troubled smartphone maker.
RIM shares tumbled 5.85 percent to close at $9.66, the first close below $10 since late 2004.
RIM, which pioneered the smartphone, risks falling further behind the competition in the market now being dominated by Apple’s iPhone and Android platform makers like Samsung of South Korea.
The company warned last week it could report a loss in the current quarter and said it had hired investment firms to study strategic options.
A survey by research firm IDC showed smartphones powered by Google’s Android software accounted for 59 percent of the global market in the first quarter of 2012, with 23 percent for Apple’s iPhones.
That left just 6.4 percent for BlackBerry, compared with 13.6 percent a year ago.
