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Bad news: Highlights from RIM's earnings report
Thursday - 6/28/2012, 6:32pm EDT
(AP) - BlackBerry maker Research in Motion Ltd. had a lot of bad news for investors on Thursday.
Here are the highlights:
_ NO HOLIDAYS: Phones based on the new operating system, BlackBerry 10, won't be available until early next year, missing the holiday shopping season. That could make it even harder for RIM to regain market share lost to Apple's iPhone and devices running Google's Android system.
_ WORKFORCE REDUCTIONS: The company is cutting 5,000 jobs, or about 30 percent of its workforce, as part of a previously announced initiative to trim $1 billion in annual costs.
_ DISAPPOINTING EARNINGS: Results for the latest quarter were worse than analysts had expected. Adjusted loss was 37 cents per share. Analysts polled by FactSet were expecting a loss of 3 cents. Revenue fell 43 percent to $2.8 billion, well below analyst expectations at $3.1 billion.
_ FEWER PHONES: RIM shipped just 7.8 million BlackBerry smartphones in the quarter, down 41 percent from 13.2 million a year earlier.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)