NEW YORK (
Research In Motion
( RIMM) held its annual general meeting of shareholders on Tuesday with investors eager for details about the troubled firm's long-term strategy.
The BlackBerry maker, which recently reported a worse-than-expected
is certainly on the ropes, pummeled by delayed product launches and intense competition from the likes of
Android operating system.
Speaking during the shareholder meeting, Barbara Stymiest, chair of RIM's board, acknowledged the investor concerns that have seen the company's stock plunge almost 50% this year.
"The company's performance this year has not met expectations," she said. "We understand that shareholders are frustrated."
RIM CEO Thorsten Heins was also on the call, describing the delayed BlackBerry 10 launch as a top priority. "It's simply the integration challenge that we face," he said, alluding to the forthcoming BlackBerry 10 launch in the first quarter of 2013. "I will not deliver a product or a platform to market that does not meet the needs of our customers."
The CEO also acknowledged that the next several quarters will be challenging for RIM, but promised to build on the company's 78 million-strong subscriber base.
Shares of RIM closed down 4.95% at $7.29 on Tuesday.
Read on for more details from RIM's annual general meeting of shareholders.
--Written by James Rogers, Chris Ciaccia and Nathalie Pierrepont in New York.
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