RIM Plunges on Loss; BB10 Delay: Live Blog Recap
NEW YORK (TheStreet) -- Research in Motion(RIMM) reported its fiscal first-quarter results after market close on Thursday, disappointing investors with a worse-than-expected loss.
The embattled Canadian handset maker had already forecast an operating loss for the quarter, but its results came in well below analysts' expectations. RIM reported an adjusted loss of $192 million, or 37 cents a share, on revenue of $2.81 billion, down 43% from revenue of $4.91 billion in the year-ago equivalent period.
Analysts polled by Thomson Reuters expected the Waterloo, Ontario-based company to report a loss of 4 cents per share on $3.07 billion in revenue.
"I am not satisfied with these results and continue to work aggressively with all areas of the organization and the Board to implement meaningful changes to address the challenges, including a thoughtful realignment of resources and honing focus within the Company on areas that have the greatest opportunities," said CEO Thorsten Heins in a statement released after market close.
RIM also announced 5,000 job cuts, as well as another delay for its long awaited BlackBerry 10 technology.
"Our top priority going forward is the successful launch of our first BlackBerry 10 device, which we now anticipate will occur in the first quarter of calendar 2013," said Heins.
RIM shares plunged 15.01% to $7.76 in extended trading as investors digested the results.
Check out TheStreet's blog recap for more details from the company's first-quarter conference call.
--Written by James Rogers, Chris Ciaccia and Nathalie Pierrepont in New York.
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