RIM stock plummets $2.7billion as Indonesia joins Blackberry Ban

Whoa! It seems as though the sky falling and RIM headed towards an uphill battle against governments which want access to private, secured data on Blackberry users phones. RIM’s stock did slide by four percent margin again on Wednesday after dropping by a similar margin on Tuesday. Today as of 2:50 p.m. Pacific time, RIM’s stock was up 1.22 percent. With the release of the new Blackberry Torch 9800 slider, running RIM’s new OS6 coupled with UAE, Saudi Arabia and now Indonesia all banning RIM’s devices due to the powerful encryption software Blackberry uses. This encryption does not allow the governments to eavesdrop on possible terrorists or other criminals subjects.

In response to this news, Goldman Sachs make “sell” recommendations on RIM, making the stock sink 4.46 per cent Wednesday to close at $54.24. The stock has fallen more than 20 per cent in 2010 as it Apple’s iPhone 4 and Google Android have made a major dent into BlackBerry market in North America.

[via The Economic Times]

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About Tony P
Connoisseur of all that is Mobile Tech.

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