RIM's Profit Plunges 71%, Stock Tanks

Posted by Knowlton Thomas on 2011-12-15 4:18:00 PM

RIM's third-quarter earnings report once again disappointed investors.

The company's earnings fell a staggering 71%, largely due to a $485-million wound from sharp BlackBerry PlayBook discounts—which, notably, failed to move any units. RIM profited just $265 million, or only 51 cents per share, compared to $911 million, or nearly $2 per share, in the same quarter last year.

On the news, RIM's stock tanked 6% to well below $14. RIM's share price has fallen from a high of over $140 over the past couple of years.

Company:
Research In Motion
Website:
http://www.rim.net
Location:
Waterloo, Ontario, Canada

BlackBerry (Research In Motion) is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. RIM's portfolio of award-winning products are used by thousands of organizations around the world and include the BlackBerry® wireless platform, software development tools, and software/hardware licensing agreements. more

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Knowlton Thomas

Knowlton Thomas

Knowlton is the Associate Editor of Techvibes. A Vancouver-based writer and author, Knowlton has been published in national publications and has also appeared on television and radio. He has written two ebooks and more are in the works. Previously, he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys playing... more

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