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Related Topics Technology » Hot Stocks » Asian Markets » Media » iPad » Steve Jobs » Related Video RIM profits plunge 47 percent Thu, Sep 15 2011 1 of 2. Visitors pass an advertising banner showing a Blackberry mobile at the CeBIT computer fair in Hanover March 2, 2011. Credit: Reuters/Tobias Schwarz By Paul Thomasch NEW YORK | Fri Sep 16, 2011 11:28am EDT NEW YORK (Reuters) - Investors punished Research In Motion on Friday, driving the stock down 20 percent and raising fresh questions about whether management -- and even the company -- can overcome a raft of troubles. The sell-off, which in the first hours of trade wiped out some $3 billion of RIM's market capitalization, underscored how bad times have become for the one-time smartphone leader, once a byword for corporate communication. One analyst, Edward Snyder of Charter Equity Research, described the quarterly report issued by RIM on Thursday as "another nail in the coffin of management," while others spoke of shock, disappointment and a ticking clock. The report was chock-full of bad news from the maker of BlackBerry: It posted a sharp drop in quarterly profit, painted a dismal picture for the current quarter and said it now expects to reach only the lower end of an already reduced full-year outlook. Moreover, it only reinforced a growing sense that the company is in danger of falling too far behind Apple Inc, with its iPhone and iPad, and a host of competitors making devices that run on Google Inc's Android software. "The North American market share losses persist and we believe this trend is starting to spread to international markets ... with slow signs already in UK," Sanford C. Bernstein analyst Pierre Ferragu wrote in a note to clients. RIM's management remains in "blatant denial," he said, adding the company's outlook for the third quarter and the full year appears "unrealistic." Run by co-founder Mike Lazaridis and salesman sidekick Jim Balsillie, who joined Lazaridis as co-CEO well before RIM had ever shipped a BlackBerry, the company set it sights on bringing out a tablet computer to compete with Apple's iPad. But results of the effort -- a tablet called the PlayBook -- have so far been disastrous. It shipped only about 200,000 PlayBooks to stores in the second quarter, roughly one-third of what analysts expected. "My guess is they're probably losing money on it significantly," said Avian Securities analyst Matthew Thornton, who nonetheless warned that investors may be getting carried away with worry. "I think it's a complete overreaction," he said. "Should they be down? Probably. This much? No." RIM's Nasdaq-listed shares fell 19 percent to $23.75 in trade on Friday, after earlier touching a low of $22.52. That sort of drop will only pile pressure on senior executives, who have been cajoled to step aside by investors and analysts concerned about repeated failures to execute strategy. Lazaridis and Balsillie each own more than 5 percent of the company and both also share the role of chairman of the board, which investors complain makes it more difficult for the board to act independently. RIM says the chairman titles help it sell its devices into emerging markets where the Canadian company has garnered most of its growth in recent years. Not only do both men have to worry about the security of their jobs, they will almost certainly will be under pressure to take big, dramatic steps to turn around the company. That could mean a break-up or a sale. "I've got to think that this is an attractive acquisition candidate, especially for private equity," said Thornton. "The valuation is very undemanding. They're still very profitable and cash flow positive. They've a nice recurring revenue base that no other handset manufacturer has." Just this month an activist investor said it was rallying other shareholders in a bid to empower the board to look at options including spinning off patents or selling the entire company. (Additional reporting by Sinead Carew and Alastair Sharp) Technology Hot Stocks Asian Markets Media iPad Steve Jobs Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (3) socratesfoot wrote: RIM, when you sell security as your best, indeed only feature…you don’t hand the keys to the locks to the respective governments of the people you sell to. That and a very Windows-Centric client were the last straws in a long line of bad planning and poor development decisions that took Blackberry right into the toilet. The only way they’d recover is to change their name. Sep 16, 2011 8:08am EDT -- Report as abuse ChocoSmith wrote: Really? this is a surprise? Same basic design year in year out? If it wasn’t for the US being so slow in market uptake this news would have come along several years back. Evolve or die. RIP RIM Sep 16, 2011 8:58am EDT -- Report as abuse beckettisdogg wrote: I am just wondering, I am an Android user and my instructor told me the reason BlackBerries are losing love is because it updates the OS too often, and Android users would love to see updates coming out more frequently! Sep 16, 2011 8:58am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) 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