After a recent climb in stock price Research In Motion (RIM) fell the most in almost three weeks after it was announced that the BlackBerry’s U.S. market share shrank to 1.6 percent.
RIM is currently trading at $11.15 on the TSX, down from $11.90 earlier in the day.
The device’s market share fell 6.9 percentage points over the 12-week period ended October 28th from a year earlier, Kantar Worldpanel ComTech reported today.
The iPhone’s share more than doubled to 48 percent, fueled by the debut of the iPhone 5.
RIM had been rallying this month amid growing optimism that the company’s BlackBerry 10 smartphones will be successful. The new lineup, due January 30th, is the linchpin of RIM’s plan to challenge the iPhone and Android operating system in a market that it once led.
According to Kantar analyst Dominic Sunnebo, RIM was hurt as more customers dumped their BlackBerrys and switched to the iPhone 5, adding to the ranks of previous Apple customers who also upgraded to the latest model.
RIM has said the BlackBerry 10 models will go on sale on January 30th on multiple continents and are currently being tested by more than 50 carriers. That has triggered upgrades from analysts including one who sees RIM shares hitting $43 in 2013.
Until the debut, sales are set to struggle as BlackBerry faithful hold off on upgrading to await the newer models.