Shares tumble on the TSX amidst analyst downgrades and slower BlackBerry sales
Disappointing first-quarter earnings released on Thursday night resulted in an 18 per cent loss for Research in Motion (RIM) as the TSX opened on Friday. The drop was the result of investor responses to lower-than-anticipated BlackBerry handset sales and weak projections from analysts for the second-quarter and fiscal year. RIM says it plans to cut jobs as it develops a new generation of products to survive in the competitive smartphone market. It’s not clear where or how many jobs the Waterloo-based company will eliminate.