Investors Dump RIM Shares

Published on June 29, 2013
by Will Connors

Research In Motion Ltd.’s executives won’t say the company’s new line of BlackBerrys is a flop, but some investors have already made up their mind.

The company’s shares tumbled 28 percent on Friday after RIM reported it shipped far fewer new BlackBerry phones than analysts had expected in its fiscal first quarter.

Chief Executive Thorsten Heins has staked the company’s future on a new operating system, BlackBerry 10, which it unveiled early this year, and a bevy of phones that run off it. Many investors have bet this turnaround plan could work, sending RIM’s shares up 59% in the 12 months before Friday’s news.

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