RIM isn’t quite dead yet. But if it were a dog, its name would be Ol Yeller.
Earlier today, the company’s stock hit a seven-year low at $18.46 before recovering slightly. That means RIM stock fell below the company’s book value — the actual worth of its intellectual property, cash, and other assets.
One cause of the collapse: new data that shows RIM’s U.S. market share plummeting from 24 percent a year ago to just 9 percent today.
Our own Fredric Paul spent some time at RIM’s recent BlackBerry DevCon event, and he came away hoping that RIM could somehow pull out of its nose dive. He pointed out that the company still does something its competitors don’t — focus hard and fast on business users rather than consumers.
The market, however, is telling RIM that it’s out of time. The service outages, the dwindling market share, the muddled product plans, and the lack of leadership have destroyed the company. Investors have lost faith, and customers are fleeing.
Could RIM turn itself around? Stranger things have happened, but I can’t think of one right now. If your business still runs on BlackBerry, it’s time to think about your exit strategy.
Matthew McKenzie (@mckenzie_allbiz) is Senior Editor for AllBusiness.com.