17 Jun '11, 6pm

RIM down over 20% on Wall Street

RIM down over 20% on Wall Street

NEW YORK - Shares in Research in Motion plunged on Wall Street Friday after the BlackBerry maker lowered its outlook for the year and said it would be cutting jobs. Shares in the Waterloo, Ontario-based RIM sank 21.45 percent, or $7.58, to close at $27.75. RIM shares have lost around 50 percent of their value since the beginning of the year. Friday's drop came a day after RIM said it expected earnings per share for fiscal 2012 to be between $5.25 and $6.00, sharply less than the $7.50 forecast previously. RIM, which is facing increased competition from Apple's iPhone and mobile phones running Google's Android software, also announced Thursday it would be cutting jobs this quarter as part of a plan to "streamline operations." It did not say how many jobs would be eliminated. The Canadian handset maker posted a net profit of $695 million, or $1.33 per share, in the first qua...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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