RIM shares drop on BlackBerry revenue miss, weak outlook; PlayBook to run Android apps

“Research in Motion Ltd.’s stock took a hit Thursday after the maker of the BlackBerry reported revenue from its recently concluded quarter that fell short of expectations and warned that sales in the current three-month period are shifting to cheaper models,” Peter Svensson reports for The Associated Press.

“RIM’s shares were down $6.81, or almost 11 percent, at $57.31 in extended trading after the Waterloo, Ontario, company reported results from the three months that ended Feb. 26.,” Svensson reports. “It posted net income of $934 million, or $1.78 per share, for its fiscal fourth quarter. That was up 31 percent from $710 million, or $1.27 per share, a year earlier. Analysts surveyed by FactSet expected earnings of $1.75 per share, on average. Revenue rose 36 percent to $5.6 billion, shy of the $5.65 billion expected by analysts.”

Svensson reports, “For the current quarter that ends in May, RIM said it expects earnings of $1.47 to $1.55 per share, below the average analyst forecast at $1.65… The PlayBook goes on a sale in the U.S. on April 19. It’s half the size of Apple Inc.’s iPad, and it’s designed to work both as a standalone tablet and as an accessory for a BlackBerry phone. RIM said Thursday that the PlayBook will be able to run applications written for Android, which is popular on smartphones that compete with BlackBerrys.”

Read more in the full article here.

28 Comments

  1. C’mon folks, this is the MacDailyNews site. Who the F are you kidding. My first generation Storm BlackBerry is great. Apple is the biggest monopoly in the World; I’m glad your all on board with that.

    1. Apple is hardly a monopoly, save maybe in music players and tablets. even there they have some competition. Microsoft is a monopoly in computer operating systems and unlike apple the have used their monopoly illegally in the past

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