NEW YORK (AP) Shares of Blackberry maker Research in Motion slumped more than 16 percent Friday with future revenue coming into question and a declining number of subscribers.
RIM's stock jumped initially Thursday when the Canadian company released better-than-expected third-quarter results and a stronger cash position.
Shares reversed course during a conference call later, when executives said that the company won't generate as much revenue from telecommunications carriers once it releases the new BlackBerry 10.
RIM's stock had been on a three-month rally in which the stock more than doubled from levels not previously seen since 2003.
"Despite a solid quarter, the stock is trading down due to the introduction of a lower enterprise service tier and fears that RIM will not receive monthly services revenues for consumer BB10 subscribers," said Jefferies analyst Peter Misek. He thinks RIM has offered carriers a lower-priced option in exchange for a bigger purchase commitment for the new device. He kept his "Hold" rating.
Sterne Agee analyst Shaw Wu kept maintained a "Neutral" rating on the stock, but lowered his earnings estimates, saying he continued to be concerned about RIM's ability to compete with Apple and Google.
Shares of Research in Motion Ltd. fell $2.29 to $11.83 in morning trading.
Blog List
-
Kaley Cuoco Shows Off Fit Physique In Skin-Revealing Yoga Outfit - By Suzy Byrne Kaley Cuoco leaving yoga class in L.A. on Monday. (X17online.com)Kaley Cuoco gave new meaning to hot yoga on Monday when she emerged from cla...
11 years ago
Popular Posts
-
LONDON (AP) The Duchess of Cambridge has officially named a cruise liner at a gala ceremony. The former Kate Middleton, wearing a black and ...
-
NEW YORK (AP) It sure didn't feel like a farewell. The Rolling Stones average age 68, if you're counting were in roll...
-
WASHINGTON (AP) Sen. John Kerry, President Barack Obama's pick for secretary of state, is a familiar face to the world leaders vital to ...
-
Discovered: hypercondoms are greening sex; children would rather befriend someone without a drawl; Maori cooking stones can tell us somethi...
-
LONDON (AP) British astronomer and broadcaster Patrick Moore died Sunday, according to friends and colleagues. He was 89. He died at...
-
The common misconception that Android isn t secure enough for the business world or government employees is about to change. A Boston-ba...
-
LONDON (Reuters) - Britain 's Prince William and his wife Catherine are expecting a baby, destined to be the country's future m...
-
LOS ANGELES (AP) Lee Dorman, the bassist for psychedelic rock band Iron Butterfly, has died at age 70. Orange County sheriff's spokeswom...
-
WARSAW (Reuters) - France Telecom's Polish unit TPSA expects its home telecoms market, which it dominates, to shrink by over seven perce...
-
MARRAKECH, Morocco (AP) For once, the storytellers, snake charmers and food stalls were gone from Marrakech's main square and in the...
