RIM suffers as iPhone heads to Verizon

30 Jun 2010

News that the iPhone may be available on the Verizon network in the US has caused RIM share prices to fall to its lowest level in more than a year.

Following a report by Bloomberg News that “two people familiar with the plans” confirmed the iPhone 4 will go on sale from January 2011 with Verizon, RIM share prices dropped to their lowest level in more than a year.

This deal with Verizon will break Apple’s exclusivity with AT&T for the iPhone handset, with the knock-on result that BlackBerry manufacturer RIM dropped by 6.1pc (US$3.22) as Verizon sells Blackberry as well as Motorola, and according to Bloomberg, Verizon sales of the handsets account for 50pc of its entire sales within the US.

There is no official confirmation that the iPhone will be sold through Verizon from January 2011, and Apple has not commented on the speculation.