Research In Motion Shares Plunge On Disappointing Results
Research In Motion Shares Plunge On Disappointing
Results
Research in Motion, the former king of the smartphone market, continues to struggle to compete with relative newcomers Apple, Microsoft and Google in a market which it essentially invented. The company posted extremely disappointing second-quarter results Thursday, leading to a 20 percent drop in shares Friday. In the three months ended August 27th, BlackBerry maker earned just $329 million, less than half its income from the same quarter a year ago. Excluding one-time items, earnings were 80 cents a share, well below the 88 cents analysts had projected.
During the quarter, RIM shipped a total of 10.6 million of its BlackBerry smartphones to retailers, missing by a long shot its own stated expectations of 11 million to 12.5 million. The company's entry in the emerging tablet market, the BlackBerry PlayBook, shipped just 200,000 units, just 40 percent of the 500,000 PlayBooks the company sold in the first quarter.
BlackBerry, the original smartphone operating system, is struggling for market share as Apple's iPhones and smartphones powered by Google's Android OS dominate sales. RIM, meanwhile, is finally ready to move on from BlackBerry, as it is preparing to unveil QNX, its next-generation of smartphone OS. The company has not announced when QNX phones will become available, but insiders expect it to give a progress report on QNX's development at next month's DevCon event iin San Francisco. Analysts are skeptical that QNX will be enough to turn RIM's fortunes around, saying the company has vastly underestimated the competition level of the smartphone market.
Research in Motion, the former king of the smartphone market, continues to struggle to compete with relative newcomers Apple, Microsoft and Google in a market which it essentially invented. The company posted extremely disappointing second-quarter results Thursday, leading to a 20 percent drop in shares Friday. In the three months ended August 27th, BlackBerry maker earned just $329 million, less than half its income from the same quarter a year ago. Excluding one-time items, earnings were 80 cents a share, well below the 88 cents analysts had projected.
During the quarter, RIM shipped a total of 10.6 million of its BlackBerry smartphones to retailers, missing by a long shot its own stated expectations of 11 million to 12.5 million. The company's entry in the emerging tablet market, the BlackBerry PlayBook, shipped just 200,000 units, just 40 percent of the 500,000 PlayBooks the company sold in the first quarter.
BlackBerry, the original smartphone operating system, is struggling for market share as Apple's iPhones and smartphones powered by Google's Android OS dominate sales. RIM, meanwhile, is finally ready to move on from BlackBerry, as it is preparing to unveil QNX, its next-generation of smartphone OS. The company has not announced when QNX phones will become available, but insiders expect it to give a progress report on QNX's development at next month's DevCon event iin San Francisco. Analysts are skeptical that QNX will be enough to turn RIM's fortunes around, saying the company has vastly underestimated the competition level of the smartphone market.
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