Blackberry company, Research in Motion, is developing a new line of BlackBerry devices. The idea is for the slow moving company to work with a framework for growth over the next decade that will offer longterm value for current unhappy shareholders.
The Chief Executive Officer, Thorsten Heins interviewd with Reuters and said the RIM has identified $800 million of the $1 billion of savings it promised for the financial year ending in early March. Heins stated that he was confident that they will find the rest as they prepare to launch the new phones.
RIM is hoping to climb back into the market and fight along tech giants Apple Inc and Google. The Waterloo, Ontario based company has almost been completely abandoned by consumers and corporate customers despite its top of the line security features. It has not been able to keep up with the fast production of Apple’s iPhone and tablet devices. Analysists remain skeptical of RIM, especially after the failed 2011 launch of PlayBook taplet computer, which the company would hope to compete with Apple’s iPad.
RIM delayed the launch of the new 10 BlackBerry phones in order to not make the same mistake as Apple has rolled out the iPhone 5 and iPad mini simultaneously. Heins said the delay was the correct decision and will be a way to ensure the BB10 phones are a high quality product rather than a rushed one that would not meet customer expectations. Heins insisted that morale was high at the company despite suffering fro 5,000 job cuts and rapidly sliding market sthare that has falled down by more than 90 percent form 2008’s peak of $148. On Wednesday, the shares on Nasdaq were at a shocking $8.49.
Heins stated, “The message to our shareholders is that we understand this is and has been a difficult time for them and for us, but with the development of the BlackBerry 10 platform we are truly convinced that we will create long-term value for RIMs shareholders and investors.”