It was the crash of the World Trade Centre Towers in New York that turned the humble Blackberry mobile phone into a huge success. Now it could well be the crash of Wall Street firms that take it down.
The darling of the Wall Street set the Blackberry well could lose some of their most passionate admirers as thousands of their users look for new jobs following the melt down of global financial markets. During the 911 terrorist attacks on the World Trade Centre Towers the Blackberry was one of the few mobile phones that stayed up allowing people to communicate as they fled the Wall Street district.
According to Reuters Analysts say that the success of Blackberry-maker Research in Motion (RIM) is most at risk as they are the most dependent on Wall Street’s future.
In Wall Street alone 40,000 workers are expected to lose their jobs following the collapse of investment bank Lehman’s. “RIM probably looks most exposed to any downside risk in this segment,” said analyst Neil Mawston from research firm Strategy Analytics.
The global mobile phone market is expected to grow around 10 percent this year, boosted by the continuing surge in demand for cheap phones in emerging markets like India.