Earnings: RIM Reports Bad Q2 Results, Stocks Drops 20 Perfect
RIM – I love ya, but you just keep doing things that just make it difficult to be a fan! They are a product company so when there is a problem on that side of the business it can only result in a negative way, or a 20% drop in share price as shares as millions were dumped after the earnings report went out yesterday. Research In Motion shipped 10.6 million BlackBerry devices in the quarter. That compares to 12.1 million in the same period last year and 13.2 million in the previous quarter. They only shipped 200,000 PlayBook tablets in Q2, compared to 500,000 in the first quarter.
RIM posted a profit of $329 million for the quarter compared to $797 million for the same quarter in 2010. Revenues fell 10% to $4.17 billion.
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