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) iPhone and other smartphones powered by Google's (GOOG) 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.
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