WATERLOO, Ontario (AP) — Research In Motion CEO Thorsten Heins pleaded for patience Tuesday as the company faces 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 is in the second stage of its turnaround. Stage three, he said, includes 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 9 cents, or nearly 1 percent, to close Tuesday at $9.64.
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.
Since January, Research In Motion Ltd. has been going by BlackBerry in marketing materials. It has also changed its ticker symbol to "BBRY." But a legal name change required shareholders' approval at Tuesday's annual meeting.