Shares of Research in Motion are taking a pounding on Friday as investors react to the company's woeful earnings report and forecast, which was released after the markets closed on Thursday.
As of 1:30 p.m. ET, shares of RIM were down more than 20% to less than $28 apiece. The decline represents more than $3.5 billion in market value and sees the company trading at a fraction of the $140+ high it reached in 2008.
Of course, that was when RIM's BlackBerry was still dominating the smartphone market and iOS and Android were in their infancy. Since then, both platforms have seen their market share grow significantly at RIM's expense. Adding to the challenge, the company revealed on Thursday, are delays in shipping new products that RIM hopes will help it compete.Research in Motionâ€™s Value Drops 20% Overnight
Author: / Posted: 18-06-2011