The embattled Canadian handset maker posted weaker-than-anticipated first-quarter results after market close on Thursday. RIM reported revenue of $2.81 billion, down from $4.91 billion in the same period last year, and well below analysts' estimate of $3.07 billion.
Investors also balked at the company's bottom line as RIM reported an adjusted loss of $192 million, or 37 cents a share. Analysts surveyed by Thomson Reuters were looking for a loss of 4 cents a share.
RIM also announced 5,000 job cuts, as well as another delay for its long awaited BlackBerry 10 technology."Our top priority going forward is the successful launch of our first BlackBerry 10 device, which we now anticipate will occur in the first quarter of calendar 2013," said CEO Thorsten Heins, in a statement released after market close. RIM was the most active premarket Nasdaq stock on heavy share volume of 971,317. Chipmaker Nvidia (NVDA), however, was one of tech's big gainers, climbing 2.95% to reach $13.63 as semiconductor stocks ticked upward. Shares of the graphics specialist were lifted by news earlier this week that Google's (GOOG) Nexus 7 tablet will feature the company's Tegra 3 quad-core CPU. Nvidia is also enjoying positive sentiment from analysts. Canaccord Genuity, for example, upgraded Nvidia to buy earlier this week, citing the strength of its Tegra technology and its Kepler chips. Chip specialist ARM Holdings (ARMH) was also one of tech's gainers, rising 1.82% to $23.45. ARM was another active premarket stock on share volume of 233,050. Semiconductor giant Intel (INTC) rose 1.51% to $26.22 before market open. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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 Plus 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