RIM's stock plummeted to its lowest level since 2007 yesterday (6 June) following Apple unveiling of its iMessage service to rival BlackBerry BBM.
In the wake of Apple’s announcement, RIM's stock dropped 3% to below $37 (£22.5).
Apple unveiled its new messaging service, iMessage, at its Worldwide Developers Conference (WWDC) in San Francisco.
The new service, which is similar to RIM’s highly successful BlackBerry Messenger, will allow customers using an ioS device to send text messages, photos, videos, and contacts to anyone else with one too, without any service charges.
As iMessage will work over Wi-Fi and 3G, RIM and operators could potentially lose text revenue as users switch away from their operator-managed service to the internet-based iMessage for their communications.
Ovum analyst Nick Dillon said: ‘With the launch of iMessage, Apple has given both RIM and the mobile operators something to keep them up at night. Apple is clearly hoping to not only entice users away from BlackBerry with iMessage, but also hopes to recreate the ‘stickiness’ of the service which instils such loyalty in BlackBerry users, by limiting it to iOS devices.’