The Canadian Government was fast acting to save their auto industry. However, that same tax payer gratitude doesn’t appear to be extended to Research In Motion, should they ever need it. When asked, Canada’s Finance Minister Jim Flaherty is already saying ‘no’.
“It has been a leading company for Canada in terms of research development and innovation, but it does need to reorganize itself, and that’s something that we expect the leaders in the company to do on their own,” Mr. Flaherty told reporters today, according to Bloomberg News.
RIM is taking a beating with their stock dropping nearly 76% over the year, with a large 7% drop on the news of low quarterly results. RIM is also expected to cut some 2,000 jobs starting this week. This also comes at the news RIM has hired banks JP Morgan and RBC Capital Markets to weigh on ‘strategic options’, which can include a whole array of things, including a sale of the company.
Despite all of the negative news, the key players at RIM are ecstatic for BlackBerry 10’s release. Their morale seems high, and RIM continues to work hard at attracting developers to the platform with the BlackBerry Jam World tour. If the Canadian Government won’t bailout its top tech company, lets hope RIM can do it themselves.