Home / / RIM’s stock gets 6% boost

RIM’s stock gets 6% boost

Company gains on back of new smartphone releases

RIM’s stock gets 6% boost
BlackBerry's stock has risen 6% after the company's new edition smartphones were well-received in the market.

Research In Motion's stock gained 6% earlier this week following the launch of a series of well-received BlackBerry smartphones, according to Reuters.

The stock has gained almost 50% since hitting a five-year low on 8th August.

RIM's stock increase has been aided by Google's planned purchase of Motorola Mobility, which analysts have speculated could push wireless companies to embrace alternatives to the Google software.

Ontario-based RIM also holds a solid share of mobile patents, particularly in data compression, encryption and synchronisation.

RIM's stock hit a slippery slope in February with stock skidding downwards on the back of negative company news, the company's earnings have missed expectations and it slashed its yearly forecasts.

The company's much-lauded PlayBook launched to dismal industry reviews.

RIM's new versions of its BlackBerry Bold, Torch and Curve smartphones, launched this month, have won praise in the industry and stock speculators are picking up shares in the company because they are cheap.

RIM's Nasdaq-listed stock closed 5.9% higher at $32.55 on Tuesday, after jumping 5.3% on Monday and 3.4% on Friday.

On Aug 8 the stock closed at $21.87, its lowest level since September 2006 on a stock-split adjusted basis.

Follow us to get the most comprehensive IT business news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.