RIM Shares Tank as Company Loses $500 Million From BlackBerry PlayBook Discounts

After selling the PlayBook at myriad retailers across North America for as little as $199, and to their own employees for just $99, RIM has confessed that these numerous sales and promotions have cost the company roughly $500 million.

But that's not the only bad news to come from the embattled company. BlackBerry shipments are declining, RIM has now said, and it expects to miss its own financial targets for the year. This trifecta of doom has resulted in the company's shares sinking a steep 9%. RIM's stock price now sits below $17, down from a high of $140 just a couple of years ago.

RIM, once a pioneer in the smartphone space, has now been stained with a reputation of launching technology one generation behind its competitors. And consumers are still waiting for its tablet to come with native email—one of RIM's strengths—despite the product being on shelves for many months. Investors, meanwhile, wait for some good news to ease the pain of the constant battering of bad news.

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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes and author of Tempest Bound. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys hiking, tennis, and martial arts. more

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