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RIM misses Earning Targets and Restructures

Mar 30 2012, 2:32am CDT | by , in News | Mobile Phones

RIM misses Eearning Targets and Restructures

RIM released their quarterly earnings and reported a net loss of $125m.

RIM, maker of the BlackBerry, continues to struggle, reporting a net loss of $125 million on a revenue of $4.2 billion (down 19% from last quarter). The new CEO has his work cut out and he knows it. He said: "I have assessed many aspects of RIM’s business during my first 10 weeks as CEO. I have confirmed that the Company has substantial strengths that can be further leveraged to improve our financial performance, including RIM’s global network infrastructure, a strong enterprise offering and a large and growing base of more than 77 million subscribers. I’m very excited about the prospects for the BlackBerry 10 platform, which is on track for the latter part of calendar 2012. Notwithstanding these strengths and opportunities, the business challenges we face over the next several quarters are significant and I am taking the necessary steps to address them."

CEO Thorsten Heins is reorganizing the RIM team. Jim Balsillie, former Co-CEO of the Company, has resigned as a Director on the Company’s Board. David Yach will be retiring from his role as CTO and Jim Rowan, COO, Global Operations, has decided to pursue other interests. 

I am actually surprised that RIM still has revenues of over $4 billion. What are they selling and to whom? I do not think I know anyone sporting a BlackBerry anymore. Must be all these large financial corporations that got locked into BlackBerry years ago.

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