RIM stocks taking a beating
Posted Sep 16, 2011 12:25 pm.
This article is more than 5 years old.
Research In Motion stocks are taking a beating on the markets following reports of lower profits and sales last quarter.
The Waterloo-based company reported $419-million dollars in profit last quarter, down 47 per cent.
RIM stocks were dipping about 20 per cent Friday.
However, it’s not all doom and gloom for the company according to Globe and Mail tech-reporter Omar El-Akkad
“The most recent line-up of Blackberry phones that they launched a few weeks ago are selling very well.” says El-Akkad, “The problem is they only contributed to about two weeks of the quarter so they didn’t really affect earnings.”
Those models are the new Bold and Torch.
RIM co-CEO Mike Lazaridis has pledged RIM will return to growth in the quarters ahead.
The company is working on a new operating system it hopes will help draw people to its brand of smart phones.
