“Research In Motion Ltd. (RIMM) plunged as much as 20 percent, the most in more than nine months, after posting a loss and delaying the next BlackBerry operating system, increasing pressure on the company to find an acquirer,” Hugo Miller and Serena Saitto report for Bloomberg.
“RIM reported a first-quarter loss yesterday of 37 cents a share, excluding some items, more than five times bigger than what analysts had predicted,” Miller and Saitto report. “Sales tumbled 43 percent to $2.8 billion, missing a prediction of $3.05 billion, and the company said it would cut 5,000 jobs.”
Miller and Saitto report, “‘They either sell, break up the company or die,’ said Matt Thornton, an analyst at Avian Securities LLC in Boston who has a neutral rating on RIM. ‘It is just a question of when.'”
Read more in the full article here.
MacDailyNews Take: We can hear DCW’s death rattle from here.
Related articles:
BlechBerry: Beleaguered RIM slashes 5,000 jobs, 30% of workforce; sales crumble – June 29, 2012
Beleaguered RIM delays BlackBerry 10 OS until 2013 – June 28, 2012
Why beleaguered RIM won’t be bought: Not much value in a dying platform – June 26, 2012
Former half-CEOs Balsillie, Lazaridis pocket $12 million in ‘entitlements’ from beleaguered RIM – June 15, 2012
Lead, follow or crack berries. Good riddance.
Then why the neutral rating? Is he long RIMM?
Totally gambling. If they find a buyer (or even hint at one) the stock surges.
Monte Hall: As you can see, behind door number two is—(opens door)—a jackass. Now, do you still want to choose door number one, or will you switch to door number three?
Heh-heh. Always switch to door #3. You have 2/3 chances for the big prize, whereas you have only 1/3 chance if you stick with door #1.
http://tinyurl.com/7s5rwr6
Wow… a lot of people down on RIM today.
It’s not as though it’s not justified. Thorsten’s doing a ‘fine’ job.
I mean, slashing 30% of your workforce? Yeh, that’s the key to profitability…
“The cure for Apple is not cost-cutting. The cure for Apple is to innovate its way out of its current predicament.” Steve Jobs in Apple Confidential 2.0: The Definitive History of the World’s Most Colorful Company, by Owen W. Linzmayer.
Not gonna happen at RIM, though.
They keep letting people go, what’s left to acquire? A few outdated phones, an unfinished ‘savior’ BB 10 OS and some messaging server centers?
QNX? It was a great realtime OS before RIM acquired it; hopefully they haven’t ruined it. Lots of QNX users will want to see it remain alive.
Innovation that truly works appears to be a much rarer commodity than previously thought. The folks in Redmond assume any wild stab at something different is innovation. Different isn’t innovation. I assume they passionlessly pick features by throwing darts at a labeled dart board. Or the crap on the wall technique and whatever sticks thrown Monkey (Boy) style natch.
>>more than five times bigger than what analysts had predicted
RIM has another record breaking quarter, blowing away all analyst predictions.
That’s how you write it up, RIM…
I can’t believe they shipped more than 7 million Blackberrys. Over 7 million clueless and declining.
If RIM had an inkling of a chance of innovative tech to offer, I’d cut short my doom predictions. Please, someone, show me something worth RIM’s survival.
Meanwhile: No 2013 for RIM in sight.
One way to survive by RIM which they will not do. Invest all their surplus cash to buy AAPL shares. No oth option
“sell, break up the company or die”
I predict they’ll try all three, but only succeed at one.
If they didn’t sack their two best salesmen after that unfortunate flying incident they would be ok.
Looks like “amature hour is over”