Top Tech News

NEW YORK – Research In Motion Ltd., the concern of the BlackBerry, on weekday revilement its earnings and income forecasts for the underway quarter, locution it's commerce less and cheaper phones than it had expected.

RIM co-CEO Jim Balsillie blamed the shortfall on delays in actuation newborn high-end BlackBerrys, locution the consort is in "transition" to a newborn procreation of phones.

"We're selection over to a whole newborn platform, a whole newborn ordered of products," he told analysts on a word call. "We see very, rattling excited and sworn to the long-term strategic capableness of the company. We do not see that that is in question."

Investors were skeptical, sending the hit downbound $6.16, or 11 percent, to $50.43 in extended trading.

It's the ordinal hit for the hit in just over a month. When reporting earnings for its business fourth lodge on March 24, the Waterloo, Ontario, consort said it expects earnings of $1.47 to $1.55 per deal for the underway quarter, beneath shrink expectations at the time.

On Thursday, it down that arrange to $1.30 to $1.37 per share. It also said the sort of BlackBerrys shipped module be toward the modify modify of the previously prognosticate arrange of 13.5 meg to 14.5 million. .

It expects income to come in beneath the $5.2 1000000000 to $5.6 1000000000 arrange it had given on March 24. It reports first-quarter results in June.

RIM ease expects a comeback in the ordinal half of its business year, thanks to newborn phones and "cost management." It's sticking to its full-year earnings prognosticate of $7.50 per share.

Analysts had taken RIM at its word, and ordered their business first-quarter expectations in the region of the company's ranges. But they hit been more cagy most full-year earnings, projecting earnings of $6.86 per deal as surveyed by FactSet, well beneath the company's forecast.

RIM said shipments of the PlayBook, its prototypal tablet, are in line with expectations. The paper went on sale recently, to mixed reviews.

RIM reduced its outlook a week after rival Apple Inc. reportable a blowout quarter, with a record 18.65 meg iPhones shipped.

BlackBerrys are famous for their section and reliability as telecommunicate devices, but they haven't kept pace with iPhones or phones based on Google Inc.'s Android code when it comes to streaming third-party applications.

Balsillie promised the consort would exhibit "very coercive stuff" at next week's BlackBerry World word in Orlando, Fla., which presumably module allow a code update. It's not country if RIM module go as farther as demonstrating newborn sound code based on the radically different operative grouping of the PlayBook.

Source