RIM Agrees to Buy Back 0.28% of Outstanding Shares for About $79.8 Million |
| Bloomberg - Aug 10, 2010 |
While sales have increased, the company has lost share in the smartphone software market. Photographer: Andrew Harrer/Bloomberg
Research In Motion Ltd., maker of the BlackBerry smartphone, agreed to repurchase 1.53 million of its shares, for a total of about $79.8 million.
The shares represent about 0.28 percent of common shares outstanding as of June 24, RIM said today in a statement. The company is buying the stock from an unnamed third-party financial institution, according to the statement.
RIM has lost a quarter of its value since the end of March. While sales have increased, the company has lost share in the smartphone software market. Google Inc.’s Android operating system grabbed the No. 1 spot in the second quarter, pushing RIM to second place in the U.S. market, according to NPD Group Inc. As phones that run on Android make further inroads, RIM may slip further, said Chetan Sharma, an independent analyst.
Read Full Article from Bloomberg
- Posted: 2010-08-10 22:12:36
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