Blackberry falls after introducing newest phone
NEW YORK (AP) — Shares of Research in Motion gave up early gains Wednesday after its CEO introduced the new BlackBerry 10 on a stage in New York.
Company shares have risen 40 percent since the beginning of the year and it wouldn't be the first time that the introduction of a much-anticipated product did not boost share value for a tech company.
Companies like Apple have seen their shares whipsaw on the day that new products are unveiled.
There are actually two models of the new phone — the Z10 and the Q10. The Q10 has a physical keyboard, a feature that has kept BlackBerry users loyal over the years. The Z10 will have only a touch-screen keyboard.
The Q10 has a squarish screen measuring 3.1 inches diagonally. The Z10 will have a 4.2-inch screen.
RIM is promising a speedier device, a better typing experience and the ability to keep work and personal identities separate on the same phone. Previews of the BlackBerry 10 software have received favorable reviews. Financial analysts are starting to see some slight room for a comeback.
The company also announced it would change its name from Research in Motion Ltd. to Blackberry.
Shares, after rising 4 percent, reversed course and fell by almost the same percentage amount. Shares are down 55 cents at $15.11.