RIM successful in 4Q, but too early to declare a win
TORONTO (AP) â¿¿ Research In Motion Ltd., once written off as dead amid fierce competition from more modern mobile devices like the iPhone, surprised Wall Street Thursday by returning to profitability and shipping more BlackBerry 10 phones than expected in the most recent quarter.
It will take several quarters, though, to know whether RIM is on a path toward a lasting turnaround. RIM just entered the crucial U.S. market with its new phone last week. And despite selling a million BlackBerry 10 phones in other countries, RIM lost subscribers for the second consecutive quarter.
Thursday's earnings report provided a first glimpse of how the BlackBerry 10 system, widely seen as crucial to the company's future, is selling overseas and in Canada since its debut Jan. 31. The 1 million new touch-screen BlackBerry Z10 phones were above the 915,000 that analysts had been expecting for the quarter that ended March 2. Details on U.S. sales are not part of the fiscal fourth quarter's financial results because the Z10 wasn't available there until after the quarter ended.
Cypriots anxious as banks reopen with limits
NICOSIA, Cyprus (AP) â¿¿ Anxious Cypriots patiently waited in long lines to get to their accounts on Thursday after banks opened for the first time in nearly two weeks, following an international bailout to save the country's financial system.
Fearing a run on its banks, the tiny Mediterranean country imposed daily withdrawal limits of 300 euros ($384) for individuals and 5,000 euros for businesses â¿¿ the first so-called capital controls that any country has applied in the eurozone's 14-year history.
Financial strains are building on families and businesses, and the recession in Cyprus is likely to deepen. The mood outside banks was calmer than feared. Many people said the withdrawal limits were probably necessary to keep a bad situation from spiraling out of control.