Troubled Canadian technology firm Research In Motion announced Tuesday that it will be slashing jobs. RIM also forecast an operating loss for its fiscal first quarter, and said it has hired bankers to help with its ongoing strategic review. Beyond saying the company would report a loss, CEO Thorsten Heins did not provide specific guidance. He added that RIM expects its "financial performance will continue to be challenging for the next few quarters" and said more detail will available when the company's quarterly results are released June 28. > > Bull or Bear? Vote in Our Poll According to Thomson Reuters, Wall Street is looking for first-quarter earnings of a penny a share on $3.157 billion in revenue. The company announced there will be "significant spending reductions and headcount reductions in some areas throughout the remainder of the fiscal year," but again did not provide specific numbers. Shares of Research In Motion closed the week down 6.7% at $10.26.
Splunk ( SPLK) reported strong quarterly earnings on Thursday, beating Wall Street's estimates in its first quarterly report since its IPO last month. Splunk reported first-quarter revenue of $37.2 million, a rise of 80% year over year. Excluding items, Splunk lost 4 cents a share. Analysts surveyed by Yahoo! Finance were looking for a loss of 6 cents a share. For the second quarter, the data mining specialist expects revenue between $38 million and $40 million, above Wall Street's forecast of $34.48 million. For the fiscal year, the San Francisco-based company projects sales of between $174 million and $177 million. Analysts surveyed by Yahoo! Finance were looking for revenue of $172.34 million. Shares of Splunk lost 24.1% this week to close at $27.24.
Although it was short, this week was full of economic reports (mostly negative). Next week has even more in store for us, such as factory orders on Monday and the Federal Reserve's Beige Book on Wednesday, so strap on your boots and get ready to do some dirty work. Take care and enjoy the weekend, everyone. Interested in more on TiVo? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull