RIM suffers worst Nasdaq drop in eight years

Research In Motion seem to be having a bad time of it lately as the maker of the BlackBerry smartphone has dropped the most in almost eight years in Nasdaq trading due to the competition from the Apple iPhone 3G curbing its profit forecast for the second quarter in a row.

Analyst with Toronto based Canaccord, Peter Misek, says: “the gross margin is a nightmare, we certainly didn’t expect that.”

Research In Motion has said earnings will be 0.89 cents to 0.97 cents a share in the third quarter, this is due to costs of building further advanced mobile phones and selling them at lower prices.

Source — bloomberg