BUSINESS

RIM shares higher in second consecutive session of gains for BlackBerry maker

07/06/2012 03:06 EDT | Updated 09/05/2012 05:12 EDT
TORONTO - Embattled BlackBerry-maker Research In Motion (TSX:RIM) saw its shares rise more than five per cent on Friday, extending gains from the previous session.

The Waterloo, Ont.-based company's stock closed up 41 cents to $8.22 on the Toronto Stock Exchange, with 3.8 million shares traded.

The jump follows a climb of almost five per cent on Thursday, when more than seven million shares were traded.

When reached for comment a spokesman for RIM said the company does not normally discuss its share price changes.

RIM's stock price has been near-decade lows over the past week after announcing delays to its BlackBerry 10 operating system and new products. The company is also laying off about 5,000 employees as it slashes costs across the organization to contend with faltering sales.

On Friday, reports from Bloomberg suggested that Amazon is looking to develop its own smartphone that could hit the market as early as the end of fiscal 2012.

The report cited two sources who say Amazon is working with Chinese manufacturer Foxconn on the device which would use Google's Android operating system.

Though the report didn't suggest Amazon has been talking to RIM, the potential new device also opens up the possibility that the retailer could be on the hunt for intellectual property, of which RIM owns plenty.

However, it also marks what could be another challenge for the launch of the new BlackBerry devices next year. A range of competitor's new phones are expected to hit the market before then, including a new iPhone by Apple and several other Android devices.

RIM will hold its annual meeting in Waterloo on Tuesday.