Technology 16 Sep 2011 09:03 am
Disappointing sales (only 200,000) of the PlayBook and tough competition with Android phones in the consumer market resulted in lower than expect earnings for RIM:
RIM said Thursday that its net income was $419 million, or 80 cents per share, in the three months ended Aug. 27. That’s down from $796.7 million, or $1.46 per share, a year ago. Analysts expected 90 cents per share, according to a survey by FactSet.
The company, based in Waterloo, Ontario, said revenue fell 15 percent to $4.2 billion.
Shares hit a fresh new five-year low, falling $5.74, or 19.4 percent, to $23.80 in after-hours trading. RIM’s stock has lost more than half its value this year.
“Phone Rivalry Drives Down RIM Earnings“