Home   >   Business   >   Business News   >   201206





BlackBerry 10 Delayed Until 2013
 
<< Prev  |  Next >>
 
30-Jun-2012  
Comments ( 0 )     Email    Print
       
 
 
 
 
Related Stories
 
BlackBerry maker Research in Motion Ltd. revealed Thursday that its business is crumbling ever faster.

The Canadian company posted worse results for its latest quarter than analysts had expected. Its cutting 5,000 jobs and delaying the launch of its new phone operating system, BlackBerry 10, on which its pinning its hope for a comeback.

The first phone with BlackBerry 10 was expected later this year. It will now ship in the first quarter of next year, CEO Thorsten Heins said.

The jobs cuts are part of a previously announced initiative to cut $1 billion in annual costs this year. They represent about a quarter of RIMs work force.

RIM shares plunged $1.66, or 18 percent, to $7.47 in extended trading, after the release of the results. If they hold that level into regular trading Friday, they will set a new nine-year low.

RIM lost $518 million, or 99 cents a share, in its fiscal first quarter, which ended June 2. This compares with a profit of $695 million, or $1.33 per share, a year ago.

Excluding impairment charges, the latest loss was 37 cents per share. Analysts polled by FactSet were expecting a loss of 3 cents.

Revenue fell 43 percent to $2.8 billion, well below analyst expectations at $3.1 billion.
 
 
 
Source: TIME
 
 

Comments ( 0 ): Post Your Comments >>

 
 
 
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.