BlackBerry shares tumble after Apple, IBM announce partnership

Shares of BlackBerry are taking a beating after details emerged on partnership between two of the biggest technology companies that will directly cater to business customers.

BlackBerry shares were down nearly nine per cent, or $1.03 to $11.09, near midday on the Toronto Stock Exchange.

International Business Machines Corp. and Apple Inc. said late Tuesday they plan to launch a partnership this fall that will have IBM creating more business-themed applications that will be pre-loaded onto iPhones and iPads.

The strategy would make available more than 100 IBM apps that cater to specific industries, like retail and health care.

The announcement will put Apple and IBM directly in competition with BlackBerry, which is trying to reaffirm its position in the enterprise market, an area of its business that caters to government agencies and businesses that require secure mobile communications.

Apple’s CEO Tim Cook said his company is turning to help from IBM because it doesn’t understand the needs of corporate customers as well as it does consumers.

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