Wall Street Woes Weigh On RIM
Another reason for RIM (NSDQ: RIMM) to keep plugging away hard at the consumer market: the Wall Street meltdown. Some 40,000 workers may end up losing their jobs following Lehman Brother’s collapse and the continuing fallout from the credit crunch, which could mean trouble for mobile handset makers like RIM, Reuters reports. Analysts note that of all the mobile phone makers on the market, RIM is most dependent on Wall Street’s future. In Q2, 40 percent of RIM’s customers came from large corporations. Palm (NSDQ: PALM) and HTC are also in the line of fire. Yesterday, however, RIM’s co-CEO Jim Balsillie, launching the Blackberry in India, said he “did not yet see an adverse impact from a widening global financial crisis,” according to Reuters. Balsillie said RIM was expanding into emerging markets, and that new product launches would help the company grow in the last few months of the year.