Story updated with new Nortel patent auction date.
NEW YORK (
Research In Motion's
shares went into a tailspin this week after the handset maker reported
first-quarter results after market close on Thursday.
Investors also balked at RIM's dismal outlook and news of headcount reductions, pushing the company's shares down 21.45% to $27.75 by Friday's close. Questions were also being asked about the
effectiveness of the company's co-CEO management
structure in the aftermath of the results.
|RIM's first-quarter results sent the handset maker's shares into a tailspin this week.
RIM's co-CEOs Jim Balsillie and Mike Lazaridis, however, defended their working relationship during a conference call to discuss the results on Thursday.
"I just don't think it's the issue," said Balsillie, noting that the two executives have their respective areas of expertise. "I think there are parts that overlap and we highly coordinate it."
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RIM, which is under pressure from
(AAPL - Get Report)
and devices built around
Android operating system, said that it had shipped 500,000 of its PlayBook tablets during the quarter. Keen to bolster its corporate business, the Canadian firm also said that the tablet is in the hands of some 1,500 enterprise customers.
(IBM - Get Report)
was also in the news on Thursday, but for a very different reason, as the tech bellwether
marked its centennial
The company's CEO Sam Palmisano celebrated the event by ringing the opening bell at the New York Stock Exchange, and IBM also
released a book
Making the World Work Better: The Ideas That Shaped a Century and a Company
Thomas J. Watson Sr.
in 1911, IBM is now one of the world's best-known tech brands, bringing in revenue of $100 billion a year.
IBM's shares ended the week up 1.09% at $164.44.
The tech sector's run of IPOs continued this week, with online music specialist
(P - Get Report)
making its debut as a public company
Pandora's shares surged more than 63% in their
, as strong investor interest in the social media sector continued. But while the stock hit $26 at one point during morning trading -- which valued the company at more than $4 billion -- shares later fell to close at $17.42, and also sold off sharply on Thursday.
Pandora's stock added 1.1% on Friday to finish the week at $13.40.