TORONTO One of Research in Motion's biggest shareholders has cut more than half its holdings in the BlackBerry maker as the company loses market share to rivals, Bloomberg News said on Friday.
"We are on the way out," Stephen Jarislowsky, chairman of Jarislowsky Fraser Ltd., told Bloomberg. Jarislowsky, a Montreal-based investment firm, is RIM's sixth biggest shareholder with 10.2 million shares as of March 30.
"They are resting on their laurels," Bloomberg quoted Jarislowsky as saying. "Steve Jobs is a much better marketer than RIM," he added, referring to Apple's chief executive officer.
Jarislowsky was not immediately available to confirm the sale.
RIM's quarterly profit dropped and revenue missed its own lowered forecast, forcing the BlackBerry maker to slash its outlook on Thursday, sending its shares down more than 20 percent by mid-morning. A raft of price-target reductions and stock downgrades added to the negative mood.
In Toronto, RIM was down 21.2 percent at C$27.08, and on Nasdaq, it lost 21.9 percent to $27.57.
(Reporting by Ka Yan Ng; editing by Janet Guttsman)