iMessage hits RIM hard
Blackberry stocks experienced a low-blow when iMessage was unveiled on Monday. iMessage is essentially the same instant messaging service until recently dominated by Blackberry. RIM’s IM service was extremely popular by teenagers who wanted to send messages for free without having to use up their SMS credits or other data transfer fees. Apple has figured out a way to do the same with their new iMessage.
iMessage announced by Apple on Monday will challenge RIM’s highly popular BlackBerry Messenger (BBM) instant chat service which has given the Canadian company an edge over its rivals. The Apple announcement made investors more jittery, plunging RIM stock on both the Toronto Stock Exchange and Wall Street Tuesday. It slipped more than three percent in Toronto to close at $36.92, and 2.8 percent on Nasdaq to close at $37.82.
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