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Sales of new BlackBerry not good; RIM shares plunge

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BBRY $10.46 -$4.02

at close on FRIDAY

By The Associated Press
Saturday, June 29, 2013, 12:01 a.m.
 

Shares of BlackBerry maker Research In Motion plunged nearly 30 percent as the company posted a loss and warned of future losses despite releasing its make-or-break new smartphones this year.

RIM also announced that it will stop developing new versions of its slow-selling tablet computer called the Playbook. Analysts were looking for insight into how phones running RIM's new Blackberry 10 operating system are selling. It wasn't good.

RIM said it sold 6.8 million phones overall versus 7.8 million last year. That includes older models. In wasn't until well into a conference call with analysts that RIM announced that 2.7 million of the devices sold in the quarter were Blackberry 10 models.

Mike Walkley, an analyst with Canaccord Genuity, said it's clear the new operating system has not turned the company around.

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