RIM Plunges on Deep Loss, BlackBerry 10 Delay (Update 1)
Updated from 5:03 p.m. EST to provide comments from the conference call in the sixth and eighth paragraphs.
After the closing bell, the company reported a much wider than anticipated loss for its fiscal first quarter, pushed back the launch of the BlackBerry 10 until the first calendar quarter of 2013 and announced plans to lay off 5,000 employees, roughly 30% of its workforce.
For the three months ended June 2, Research In Motion reported an adjusted loss of $192 million, or 37 cents a share, on revenue of $2.81 billion, down 43% from revenue of $4.91 billion in the year-ago equivalent period.Analysts polled by Thomson Reuters expected the beleaguered electronics company to report a loss of 4 cents per share on $3.07 billion in revenue.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV