BY WILL CONNORS
TORONTO—Research In Motion Ltd. dropped nearly 10% Wednesday as investors fled the BlackBerry maker after its chief executive warned of worse-than-expected first-quarter results and as hopes for a turnaround diminish.
RIM’s shares were down 9.9%, or $1.11, at $10.12 in early trading on the Nasdaq.
RIM Chief Executive Thorsten Heins said late Tuesday that sales of existing BlackBerrys were lagging behind and that the company had hired investment banks J.P. Morgan Securities and RBC Capital Markets to help consider strategic options.
RIM has said it isn’t looking to sell the company, though Mr. …