RIM Shoots Self in Foot, Then Puts Foot In Mouth
This seems to be the prevailing theme for each earnings announcement that requires I first hold my breath before listening to the train wreak that has become Research in Motion(RIMM) .
To describe the nature of the company as an embarrassment would be disrespectful to those of us who suffer real embarrassing moments from time to time for things that are often outside our control.In the case of RIM, it is remarkable how the company continues to shoot itself in the foot, then firmly plants that foot in its mouth.
There is no denying that in the battle for smartphone supremacy against the behemoths of Apple(AAPL) and Google(GOOG) RIM is dead. In fact, the only debate now is whether or not its death was a homicide or a suicide.
Who cares? Bottom line is, we now have a dead brand, and a hole needs to be dug. There was a point when I was ready to give the company the benefit of the doubt. But now I just don't see how it can continue to play with investor emotions and get away with it.
Sending Mixed Messages
What is clear is the company has ceased to make any sort of capital investment in itself to help it compete against its rivals in any meaningful way. Instead, it continues to not only execute poorly but keeps up a recent pattern of saying the wrong things at the wrong times.
For example, on Thursday the company said the successful launch of the BlackBerry 10 platform and the delivery of high-quality, full-featured BlackBerry 10 smartphones remain the company's number one priority.
Then, in the same breath, it said the BlackBerry 10 smartphones won't be available until the first quarter of next year.
Then, the company offered this gem:
Over the past several weeks, Research In Motion's software development teams have made major progress in the development of key features for the BlackBerry 10 platform; however, the integration of these features and the associated large volume of code into the platform has proven to be more time consuming than anticipated.