When Research In Motion launched the Z10 at the end of January, the Waterloo-based company surprised people by also announcing that it was changing the name of its company.
The antiqiuated “RIM” was changed to BlackBerry, formerly only the name of its mobile device lineup. However, while we’ve all already grown used to the change, it was never technically official.
Today, during the company’s annual general meeting in Waterloo, the board of directors and shareholders voted to make it official. Even though BlackBerry’s stock tickers changed months ago from RIM to BB and BBRY, the company name didn’t truly change until today.
BlackBerry disappointed shareholders with an abysmal quarterly earnings report late last month. The smartphone pioneer posted $3.1 billion in revenue but lost $84 million. The stock plummeted more than 27% in trading following the report and now sits in single digit territory, down from $14 last month and $140 in 2008.
There is a renewed demand for BlackBerry to sell all or part of the company, including its patent portfolio. However, government officials have said they would thouroughly review any foreign company attempting to acquire all or part of BlackBerry.
BlackBerry says it intends to stick to its current strategy.
“We stay the course. This is the course that management has created and it is course that the board has accepted,” chief executive officer Thorsten Heins told Reuters. “This is a year of investment. We have managed our cash carefully and prudently, and we now have the funds to invest, so this is the ‘create the future’ year.
Morgan Stanley, Deutsche Bank, Hudson Square Research, Needham, Citi, Jefferies, and Credit Suisse all downgraded their views of BlackBerry recently.
“We fear enterprise and consumer opinion of BB10 could have been materially harmed by Friday’s earnings, which if left unaddressed, could negatively influence the actual performance of the business,” a Morgan Stanley analyst was quoted as saying in the Wall Street Journal.
“Despite the significant post-earnings reaction, we continue to see further downside,” a Credit Suisse analyst wrote.
One Needham analyst targeted the devices themselves in his report, claiming neither the Q10 or Z10 possesses a “wow factor” and affirming that “BlackBerrys are no match for iPhones and Androids.”
Some analysts now believe BlackBerry shares will drop to as little as $6, an all-time low.