Research In Motion Ltd. shares fell more than 10 percent Tuesday after the BlackBerry’s U.S. market share shrank to 1.6 percent, hurt by Apple Inc.’s iPhone winning more customers.
The BlackBerry’s market share fell 6.9 percentage points over a 12-week period ended Oct. 28, down from 8.5 percent a year earlier, Kantar Worldpanel ComTech said Tuesday in a report. The iPhone’s share soared 26 percentage points to 48 percent, fueled by the debut of a new model.
RIM’s shares had been rallying in recent weeks amid growing optimism that the company’s BlackBerry 10 smartphones will be successful. The new lineup, due early next year, is the linchpin of RIM’s plan to challenge the iPhone and Google Inc.’s Android operating system in a market that it once led.
RIM shares ended down $1.26, or 10.5 percent, at $10.72 in New York, the biggest intraday decline since Nov. 7. While the shares rallied more than 50 percent in November through Monday, they are still down 17 percent this year.
© Copyright 2014 Bloomberg News. All rights reserved.