Canadian Technology giant Research In Motion (RIM) got a much needed boost as the beleaguered company saw their stock price climb approximately 10 percent at the beginning of the month. The market had reacted positively to the news that 50 wireless service providers had started testing the company’s latest smartphones and upcoming BlackBerry 10 operating system.
The brand new BB10 phones and platform are scheduled to launch during the first quarter of 2013 after being delayed several times in 2012. The current testing taking place on telecom networks is a very important phase of launch and indicates that the company is making progress towards meeting its deadline. Investors see the news as a positive step for RIM which is banking heavily on its latest release to help the company recover lost market share to rivals like Apple, Samsung and Google.
RIM is under a lot of pressure after its phones started to slip in popularity over the past couple of years. The company was unable to answer the threat of newer smartphones and slipped in terms of sales, share price and reputation. Lately, the company has been making all the right moves before the launch of BB10 including engaging developers to create apps for the platform. However, some critics believe that RIM is making a mistake by waiting out the Christmas buying period and launching its device early next year after a major spending push.
On Thursday, RIM share being traded in the United States reached a four month high of $8.85 on the Nasdaq and closed at $8.62, an increase of 8.8 percent. Share price currently sits at 8.87 at today’s close.
Source: The Globe and Mail
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