Friday, September 16, 2011
RIM Posts Dismal Quarterly Results, Stock Dives
Research in Motion’s (RIMM: 29.54, -0.18, -0.61%) top and bottom line sagged in the second quarter — coming in far short of analysts expectation — as the BlackBerry maker struggled to find its way.
The Canada-based technology company saw its per-share earnings plunge to 63 cents, from $1.46 in the same period last year. Excluding costs, the company’s profits came in at 80 cents a share, far below the consensus estimate of 88 cents.
Shares tumbled more than 10% in after-hours trading on the news and are down 49.2% so far for the year.
RIM shipped 200,000 PlayBooks during the quarter the ended in August, a far cry from the 600,000 analysts anticipated. The tablet computer was seen by many analysts as a product designed to reinvigorate the ailing company, and tap into the quickly-growing marketplace that is presently dominated by Apple’s (AAPL: 392.96, +3.66, +0.94%) iPad. More