NEW YORK (TheStreet) -- Research In Motion (RIMM) continues to disappoint. After reporting lukewarm results yesterday in its first-quarter earnings report, RIM saw its stock plunge today more than 10%, or $6.35, to finish at $52.23.
Facing stiff competition from
and phones running
popular Android operating system, RIM reported
mixed first-quarter results and outlook late Thursday
, prompting a major sell-off.
The company's numbers led analyst firm
, citing fewer product shipments.
also slashed its RIM price target, noting that volume acceleration is coming, to offset pricing pressure.
With Apple's new iPhone 4 and the new
Droid X making waves, the Blackberry maker has its work cut out competing with the latest, greatest touchscreen devices. In addition to Apple and Motorola's latest offerings,
is also grabbing plenty of attention for
-built EVO 4G, which it is being touting as the world's first 4G smartphone.
-- Reported by James Rogers in New York
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