Even though the Ontario, Canada handset maker had
previously forecast an operating loss for the quarter, its results were sharply below
analysts' expectations. RIM 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 period.
RIM also delayed the launch of its BlackBerry 10 smartphone until the first quarter of 2013, and announced plans to lay off roughly 30% of its workforce.
Shares of RIM closed the week down 25% at $7.39.
Shares of Zynga (ZNGA - Get Report) sank as investors were underwhelmed by the new games and strategy unveiled by CEO Mark Pincus during a press event on Tuesday. Pincus highlighted a new game called The Ville as well as a social network at the "Zynga Unleashed" event. The stock fell 9.3% during the week to close at $5.44.
Cisco's (CSCO - Get Report) star executive Ned Hooper announced his departure from the largest maker of computer-networking gear on Tuesday. Hooper is leaving his role as Chief Strategy Officer for an investment partnership firm. Padmasree Warrior, Cisco's Chief Technology Officer, will oversee strategy going forward. Shares edged up 0.2% during the week to $17.17.
Wednesday marked the first day that firms involved in Facebook's (FB - Get Report) initial public offering could initiate analyst coverage of the social media company. The sell side's view of the social networking giant was mixed, driving shares south on Wednesday. Facebook, which disclosed plans to report its quarterly results after the close of trading on July 26, also appointed its first female director this past week, giving chief operating offficer Sheryl Sandberg a place on board. Sandberg is also on the board at The Walt Disney Company (DIS), Women for Women International, the Center for Global Development and V-Day. Shares of Menlo Park, Calif.-based Facebook slumped 5.9% this week to close at $31.09. The company went public on May 18 at $38 per share.
In an attempt to speed up product delivery and protect its patent portfolio, Qualcomm (QCOM - Get Report) announced plans to overhaul its corporate structure on Thursday. "Our internal reorganization will provide even greater protection for our industry-leading intellectual property portfolio as our products and services businesses seek to accelerate innovation and deliver our products to market quickly," said Paul Jacobs, the company's CEO, in a statement. "We are confident that this change to our corporate structure will be accomplished with little to no disruption to employees and customers." There was also sentiment out this week that Qualcomm shares could get a boost from the increased presence of 4G networks. Qualcomm shares ticked up 0.1% to finish the week at $55.68. -- Written by Nathalie Pierrepont in New York. >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. >Contact by Email. Follow @nrpierrepont