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Investors shed shares of Blackberry maker
Friday - 12/21/2012, 9:33am EST
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.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)