AfterDawn: Tech news

RIM's stock crushed following horrendous earnings report

Written by Andre Yoskowitz @ 17 Jun 2011 11:06

RIM's stock crushed following horrendous earnings report RIM, the makers of the once-popular BlackBerry smartphones, has seen its stock fall to its lowest point in 5 years following another quarter of horrible earnings.
The stock is now down 62 percent from its high this year, and is trading down 23 percent today to $27.50 per share.

Two months ago, the company downgraded its own revenue forecast for the quarter, yet somehow still managed to miss its own downgraded forecast, by a significant amount.

Additionally, the company drastically reduced its earnings and revenue forecast for the entire fiscal 2012.

Adding to the misery, the phone maker noted that its new phones would not hit stores until after the start of the "back-to-school" period.

While analysts remain excited for the launch of BlackBerrys with the new QNX operating system, some have called it "vaporware," due to RIM's lack of a roadmap. The company only says the devices will hit "sometime in 2012."

PlayBook sales were a slight bright spot, but they did not even put a dent in iPad or Android tablet market share.

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