Research In Motion delivered a quarter that showed buckling market share and disappointing sales as the smart phone marker feels the heat from Apple and Google.
Investors didn't take the news well, with shares of Research In Motion tumbling 9.5%, or $5.59, to $52.97, in afternoon trading on Friday.
"RIM is losing market share," says Andy Hargreaves, analyst at Pacific Crest Securities. "Their devices lack an effective browser, especially compared to what Apple and Google have, and they lack an attractive app environment, and that's what people want now. Email is still a valuable piece, but it's only one piece and if you don't have the whole pie you won't be able to capture any of that high-end share."
I'm
no oracle but this latest result shouldn't surprise anyone, RIM seems to be focused on pumping out every conceivable hardware form factor (they're actually working on a tablet now?) while letting their OS languish, ignoring the developer community and dragging their heels on implementing even commodity functionality like a usable web browser.