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NEW YORK, (

TheStreet

) --

Research In Motion

(RIMM)

reported disappointing quarterly results after Thursday's closing bell, and

TheStreet

covered all the ugliness via live blog.

Co-chiefs Jim Balsillie and Mike Lazaridis were

already taking heat

for

staying the course too long

with simple email phones, leaving RIM now dangerously late to the app-phone, touchscreen-controlled, mobile computing game.

This latest misstep seemed to confirm market fears about the company's ability to effectively compete against

Apple's

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iPhone and other smartphones powered by

Google's

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Android operating system.

The stock was last quoted at $23.89, down 19.1%, on volume of 12.6 million, according to

Nasdaq.com

. The shares were already down more than 50% so far in 2011 ahead of the report.

After the closing bell, the Canadian tech giant

reported an adjusted profit of $419 million, or 80 cents a share

, on revenue of $4.17 billion for the three months ended in August, well below the average analysts' view for earnings of 87 cents a share on revenue of $4.47 billion.

The revenue total was a 10% sequential decline as shipments of both its Blackberry devices and Playbook tablets came in short of expectations.

--

Written by Scott Mortiz in New York

.