RIM Cancels 2 BlackBerry 10 Phones, Now Working on Just 1 [RUMOR]

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The news, first reported by Boy Genius Report, is that RIM has cancelled two next-gen smartphones, the BlackBerry Colt and the BlackBerry Milan. The Colt was supposed to be RIM's first smartphone on its new operating system, BlackBerry 10 (originally called BBX), while the Milan was expected to work on the current operating system, BlackBerry 7.

If the report is true, there is now just one BlackBerry 10 phone in the works. The phone, shown above and nicknamed "London" will have a tough road ahead as it fights with iPhones and Androids, both of which have become more popular for business and power users, BlackBerry's once-core demographic.

To boot, the next generation of BlackBerry phones won't come to market until the latter half of 2012. RIM is reportedly waiting on production of a processor that won't be available until later in the year.

The BlackBerry London hasn't had an official release but leaked images from The Verge give an idea of its design.

Mashable has reached out to RIM but hasn't heard back.

Cancelling two phones isn't a nail in the coffin by any means. The fact that RIM is waiting for the right processors for its new phone bodes well for its quality. The London, however, will need to be a huge hit if RIM wants to stay competitive. Is the London set for success? Does the company even need a smash hit BlackBerry phone? Sound off in the comments.