RIM moves ahead with a major product launch
Source: Agencies |
July 14, 2011, Thursday
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Print Edition
Print Edition
BLACKBERRY maker Research In Motion Ltd's co-CEO told shareholders on Tuesday that the company is facing challenges as it moves toward with what it calls its biggest product launch yet.
At RIM's annual meeting, Jim Balsillie cited delays in releasing the company's new operating system. But he said seven new BlackBerry smartphones will run the advanced system in the coming months, enabling RIM to stay on track to meet its financial guidance for the year.
Mike Lazaridis, who shares the title of co-CEO with Balsillie, said the delays were due to efforts to get its smartphones to meet market expectations, adding the technology in the new BlackBerry Bold jumps a generation.
"It may have delayed us, but we are going to come out ahead," Lazaridis said of the decision to hold off on the rollout of the new BlackBerry Bold in order to bolster it to face what he called an "arms race" brewing among its smartphone competitors.
The annual meeting comes after RIM's share price has fallen more than 50 percent this year.
The company, based in Waterloo, Ontario, once dominated the corporate smartphone market but has been struggling to come up with a device to compete with Apple Inc's iPhone and smartphones running Google Inc's Android operating system.
RIM also got poor reviews for its tablet, called the PlayBook, launched in April, and about 1,000 of the devices had to be recalled because of defective software.
The company's inability to stay on top of innovation and create a product that consumers find as sexy as the iPhone has disgruntled some shareholders who are anxious to see what's next in its device roster.
Some at the meeting were critical of RIM's lack of marketing efforts in the face of rivals such as Apple.
Lazaridis said the company is continuing to build on RIM's reputation for security when it comes to e-mail and added that trials of its PlayBook tablet were under way at more than 1,500 companies.
"This includes multiple government agencies and groups from both the public and private sectors," he said.
RIM's share price has prompted takeover rumors. One shareholder asked about a "poison pill" rights plan to block a hostile bid.
Balsillie said a rights plan could be put in place in a "blink of an eye" if a hostile offer was made for the company.
At RIM's annual meeting, Jim Balsillie cited delays in releasing the company's new operating system. But he said seven new BlackBerry smartphones will run the advanced system in the coming months, enabling RIM to stay on track to meet its financial guidance for the year.
Mike Lazaridis, who shares the title of co-CEO with Balsillie, said the delays were due to efforts to get its smartphones to meet market expectations, adding the technology in the new BlackBerry Bold jumps a generation.
"It may have delayed us, but we are going to come out ahead," Lazaridis said of the decision to hold off on the rollout of the new BlackBerry Bold in order to bolster it to face what he called an "arms race" brewing among its smartphone competitors.
The annual meeting comes after RIM's share price has fallen more than 50 percent this year.
The company, based in Waterloo, Ontario, once dominated the corporate smartphone market but has been struggling to come up with a device to compete with Apple Inc's iPhone and smartphones running Google Inc's Android operating system.
RIM also got poor reviews for its tablet, called the PlayBook, launched in April, and about 1,000 of the devices had to be recalled because of defective software.
The company's inability to stay on top of innovation and create a product that consumers find as sexy as the iPhone has disgruntled some shareholders who are anxious to see what's next in its device roster.
Some at the meeting were critical of RIM's lack of marketing efforts in the face of rivals such as Apple.
Lazaridis said the company is continuing to build on RIM's reputation for security when it comes to e-mail and added that trials of its PlayBook tablet were under way at more than 1,500 companies.
"This includes multiple government agencies and groups from both the public and private sectors," he said.
RIM's share price has prompted takeover rumors. One shareholder asked about a "poison pill" rights plan to block a hostile bid.
Balsillie said a rights plan could be put in place in a "blink of an eye" if a hostile offer was made for the company.
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