Toronto, July 14 (IANS) On a day when its rival Apple slipped more than four percent on the market after a poor review of iPhone 4, BlackBerry maker Research In Motion (RIM) made no new bold announcements at its annual shareholders’ meeting Tuesday.
In the meeting which took place in the backdrop of Apple’s woes after Consumer Reports magazine reported that the iPhone 4 suffers signal losses when held in certain positions, BlackBerry bosses didn’t unveil new launches.
They kept quiet on the rumoured touchscreen phone with a sliding keyboard, and a new Internet browser. They also didn’t say anything about the BlackBerry tablet to compete with Apple’s iPad.
Addressing shareholders, investors and about 300 RIM executives at the Centre for International Governance Innovation near RIM headquarters in Waterloo near Toronto, co-CEOs Jim Balsillie and Mike Lazaridis instead highlighted their accomplishments during the last financial year when RIM’s revenue rose 35 percent and subscription base 64 percent globally.
As the BlackBerry faces tough competition from Apples’ iPhone and Google Android-powered devices, Balsillie claimed that his smart phone was still the favourite among Twitter users.
The company’s BlackBerry Messenger software was the toast of the evening, with new television commercials highlighting the software for its better network efficiency against competition.
Co-CEO Balsillie said that the use of the BlackBerry Messenger has shot up nearly 500 percent during the fiscal year.
A short video gave a tour of the new BlackBerry 6 operating system which will update the current operating system with a revised user interface and new features as RIM gears for challenge from iPhone and Android devices.
As the RIM stock is currently less than half of its peak of $120, shareholders wanted to know how the company was going to increase its presence in markets like India and whether it will lower prices for its smart phones.
The Toronto Stock Exchange Tuesday also approved BlackBerry maker’s plan to buy back 31 million shares because of decline in its stock.
The wireless giant has already bought back five percent of its shares for $1.6 billion. The buyback approval pushed RIM shares up 3 percent to $57.62 Tuesday.
After soaring to $120, RIM shares sank to $47 to stage a small recovery to reach current levels.
(Gurmukh Singh can be contacted at gurmukh.s@ians.in)
