|RIM reported its fourth-quarter results after market close on Thursday.|
WATERLOO, Ontario ( TheStreet) -- Research in Motion ( RIMM) missed analysts' estimates in its fourth-quarter results, released after market close, as the handset maker's woes continued. The Canadian firm brought in revenue of $4.2 billion and posted earnings of 80 cents a share, down from $5.6 billion and $1.78 a share in the same period last year. Analysts surveyed by Thomson Reuters were looking for sales of $4.54 billion and earnings of 81 cents a share.
RIM previously forecast earnings of 80 to 85 cents a share on revenue of $4.6 billion to $4.9 billion for the period. The company's results were its first since new CEO Thorsten Heins took over from the embattled management duo of Jim Balsillie and Mike Lazaridis. Heins struck an upbeat tone during the conference call to discuss the results, predicting great things from the company's forthcoming BlackBerry 10 offering. "I am very pleased with the progress that we're making," he said, noting that BlackBerry 10 will address an LTE gap in RIM's product portfolio. The new CEO, however, was candid about the challenges in RIM's path, explaining that the firm needs "substantial change." This, he explained, will involve refocusing RIM's enterprise efforts, particularly tapping the BYOD (bring your own device) trend whereby workers use their own personal gadgets for work purposes. Heins also explained that RIM needs to "learn how to partner," as well as boost efficiency in its supply chain and production processes. An analyst on the call asked Heins whether he would consider a sale of the beleaguered company. "The best path for RIM would be to manage the turnaround," replied the CEO, but he did not discount a potential sale. "If there's any element that we detect during this strategic review, we would consider it - but it's not the main direction we're pursuing right now," he added. Shares of RIM, which faces stiff competition from Apple ( AAPL - Get Report), Google ( GOOG) Android devices and, increasingly, Microsoft ( MSFT) Windows phones, slipped 29 cents, or 2.11%, to $13.44 in extended trading. -- Written by James Rogers and Chris Ciaccia in New York. Check out TheStreet's live blog of RIM's fourth-quarter results: >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.