TORONTO (AP) - BlackBerry-maker Research in Motion has hired a team of bankers to help it weigh its options as its business erodes in the face of an exodus to the iPhone and Android smartphones.
RIM issued a dire warning about its business Tuesday, saying it is losing money for the second-consecutive quarter and will lay off a "significant" number of employees.
The company based in Waterloo, Ontario said it has hired J.P. Morgan and RBC Capital Markets to help it evaluate its options. Those including partnering with other companies, licensing software and overhauling its business, it said.
RIM made no mention of selling of the company. But new Chief Executive Thorsten Heins did not rule that out after RIM's last earnings report in late March.
Colin Gillis, an analyst with BGC Financial, said the company is in a downward slide that's not slowing. He said he doesn't see any buyers for RIM coming forward soon.
"Unfortunately, it falls into the too little, too late category," Gillis said. "It doesn't mean somebody won't try it. It doesn't mean it's going to be a savior for the company either."
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http://news360.com/article/55077833
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RIM issued a dire warning about its business Tuesday, saying it is losing money for the second-consecutive quarter and will lay off a "significant" number of employees.
The company based in Waterloo, Ontario said it has hired J.P. Morgan and RBC Capital Markets to help it evaluate its options. Those including partnering with other companies, licensing software and overhauling its business, it said.
RIM made no mention of selling of the company. But new Chief Executive Thorsten Heins did not rule that out after RIM's last earnings report in late March.
Colin Gillis, an analyst with BGC Financial, said the company is in a downward slide that's not slowing. He said he doesn't see any buyers for RIM coming forward soon.
"Unfortunately, it falls into the too little, too late category," Gillis said. "It doesn't mean somebody won't try it. It doesn't mean it's going to be a savior for the company either."
...
http://news360.com/article/55077833
Shared via News360 for Windows Phone 7. Learn more at http://news360app.com.
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