Co-chiefs Jim Balsillie and Mike Lazaridis were already taking heat for staying the course too long with simple email phones, leaving RIM now dangerously late to the app-phone, touchscreen-controlled, mobile computing game.
This latest misstep seemed to confirm market fears about the company's ability to effectively compete against Apple's (AAPL - Get Report) iPhone and other smartphones powered by Google's (GOOG - Get Report) Android operating system.The stock was last quoted at $23.89, down 19.1%, on volume of 12.6 million, according to Nasdaq.com. The shares were already down more than 50% so far in 2011 ahead of the report. After the closing bell, the Canadian tech giant reported an adjusted profit of $419 million, or 80 cents a share, on revenue of $4.17 billion for the three months ended in August, well below the average analysts' view for earnings of 87 cents a share on revenue of $4.47 billion. The revenue total was a 10% sequential decline as shipments of both its Blackberry devices and Playbook tablets came in short of expectations. -- Written by Scott Mortiz in New York.