Research In Motion shares closed 19.1 percent lower Friday at $7.39 after...
Research In Motion shares closed 19.1 percent lower Friday at $7.39 after the struggling company reported results for Q1 ended June 2 that were even weaker than analysts expected. RIM also said the launch of its new BlackBerry 10 operating…
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system will be delayed until January-March 2013 and it’s slashing about 5,000 jobs in a cost-cutting move. After the latest setbacks, it was “becoming clearer than ever that the company needs to wave goodbye to hardware and focus more on delivering services and licensing software,” Informa Telecoms & Media Principal Analyst Malik Saadi said Friday. RIM’s Q1 loss widened to $518 million, or 99 cents a share, from $125 million, or 24 cents a share, in Q4. It posted a $695 million, or $1.33 a share, profit in Q1 last year. Revenue tumbled 43 percent from Q1 last year to $2.8 billion. About 59 percent of revenue came from hardware, 36 percent for service and 5 percent for software and other areas, it said. RIM shipped 7.8 million BlackBerry smartphones and about 260,000 BlackBerry PlayBook tablets in Q1, it said.