RIM turnaround tougher, stock hits 9-year low

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Associated Press

Posted on June 29, 2012 at 4:00 PM

Updated Friday, Jun 29 at 4:01 PM

NEW YORK (AP) — The maker of the BlackBerry is running out of time.

Research In Motion Ltd.'s stock fell to a nine-year low Friday, a day after the Canadian company said phones running its upcoming BlackBerry 10 operating system won't be available until after the holiday shopping season.

Sales of the once-pioneering BlackBerry phones fell 41 percent in the latest quarter and likely won't pick up again until new phones come out.

By then, it might be too late. When the new BlackBerrys go on sale in the first three months of 2013 — assuming there won't be yet-another delay — people will have even more choices, including likely a new iPhone.

RIM's stock fell $1.74, or 19 percent, to close Friday at $7.39. That's the lowest price since September 2003.

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