Time is running out for BlackBerry maker Research In Motion Ltd (RIM) after the iconic Canadian company once again delayed the launch of its next-generation smartphone.
The news gets still worse as the Waterloo, Ontario-based company yesterday said that it will eliminate 5,000 jobs after posting a first-quarter net loss of $518 million, that led to its shre price plunging 18 per cent and slashing its market value to a mere $4.1 billion.
RIM said that it is delaying the launch of BlackBerry 10 mobile devices until some time in the first quarter of 2013 - more than a year after its launch date.
RIM said that while it is making progress developing the key features of its new BlackBerry 10 operating system, integrating some features and the large code base into the new software ''has proven to be more time consuming than anticipated.''
Investors have been pinning their hopes on the new devices to lift the company's market share that has fallen to 11.6 per cent from over 50 per cent in 2007.
Its first quarter sales declined by 43 per cent to $2.8 billion, missing analyst's estimates of $3.05 billion.