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BlackBerry will show profit – CEO

11 July 2013, 09:09AP

Ontario - Research In Motion CEO Thorsten Heins pleaded for patience on Tuesday as the company faced questions about its growth and survival.

BlackBerry shares were hammered last month after the company's financial results fell short of expectations.

Heins told shareholders that BlackBerry was in the second stage of its turnaround and stage three, he said, included profitability.

"We are still in the midst of a major, complex transition of this company, and like most of these transformations ... progress can be volatile," Heins said at the Canadian company's annual meeting.

The stock rose 9c, or nearly 1%, to close at $9.64 on Tuesday.

The company also won formal approval to change its name to BlackBerry.

It announced plans for the name change in January, when it unveiled new phones running a revamped operating system called BlackBerry 10. 


The company hopes the new devices will be more competitive with iPhones and Android devices.

Research In Motion has been going by the name BlackBerry in marketing materials since January.

It has also changed its ticker symbol to "BBRY," but a legal name change required shareholders' approval at Tuesday's annual meeting.

Investors generally took an optimistic tone at the event.

While some shareholders used the opportunity at last year's meeting to express their concern over the company's future, this year a few took to the microphones to express their hope for BlackBerry's future and its significance to Canada.


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