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Edition: U.S. Article Comments (1) Video Follow Reuters Facebook Twitter RSS YouTube Read Old worm won't die after 2008 attack on U.S. military 16 Jun 2011 Old worm won't die after 2008 attack on military 16 Jun 2011 Anthony lawyer's paternity question halts court 16 Jun 2011 Oracle seeks billions in lawsuit against Google 16 Jun 2011 Cable worried about poverty, not Netflix 14 Jun 2011 Discussed 111 Obama weighs new steps to boost jobs 71 Republicans to debate, with Romney the frontrunner 60 Delaware police interview teen about Congressman Weiner Watched Airbus' view of flying in the future Mon, Jun 13 2011 Hefner, fiancee split; Schwarzenegger mistress talks Wed, Jun 15 2011 Gloom deepens for Research in Motion 3:26am EDT BlackBerry maker slashes forecast, shares tumble Tweet Share this Email Print Related News Instant view: RIM shares dive after weak outlook 3:25am EDT Analysis & Opinion Tech wrap: Government bringing knife to cyber gun fight? Apple’s reality distortion field envelops JCPenney Related Topics Technology » Hot Stocks » Asian Markets » Media » iPad » Related Video Gloom deepens for Research in Motion 3:26am EDT Boxes of RIM PlayBooks are seen on a shelf in Toronto, April 19, 2011. Credit: Reuters/Mark Blinch By Alastair Sharp TORONTO | Fri Jun 17, 2011 3:25am EDT TORONTO (Reuters) - Research In Motion's quarterly profit dropped and revenue missed its own limp forecast, forcing the BlackBerry maker to slash its outlook and sending its shares down 15 percent on Thursday. Facing intense pressure from Apple and Google in the smartphone market, RIM also warned that its latest models would not hit U.S. stores until well into the valuable back-to-school shopping season. The delay will likely add to the disappointment felt by investors after RIM's botched launch of its PlayBook tablet computer this spring. "The company is going into the abyss of a transition, and even if they get a new model, it's a new model on the old platform," said BGC Partners analyst Colin Gillis, one of many who has criticized RIM's product development pipeline. RIM has promised smartphones next year running on its new QNX platform, now featured in the PlayBook, but only after it releases a series of devices with an upgraded version of the current operating system. But even those upgrades to its Bold business workhorse, new Torch and Storm models won't go on sale until late August, RIM said on Thursday. That delay pushed RIM to forecast shipments of between 11 million and 12.5 million smartphones in the current quarter, sharply lower than the more than 14 million eyed by analysts. RIM shipped 13.2 million BlackBerrys in the three months to May 28, missing its own estimate. It shipped 500,000 PlayBook tablets in the six weeks after its April launch, exceeding the average analyst forecast of 366,000. Even so, the number represents a small fraction of Apple's iPad sales. RIM, once a byword for corporate mobile communications, has lost allure as Apple's iPhone and later Google's Android operating system changed the rules of the game. JOB CUTS Up against that competition, analysts had thought it was only a matter of time before RIM abandoned a $7.50 a share earnings outlook for the year to late March 2012. On Thursday, it did just that, recalibrating expectations to between $5.25 and $6 a share. In a tacit acknowledgment that it needs to do more to play catch-up, the company said it plans to cut jobs and focus its resources on accelerating its product pipeline. The company did not disclose the number of job cuts, but indicated that it intends to begin this reorganization immediately. "RIM is in this situation because its phones aren't competitive and they're not competitive because they've fallen behind on development and product cycle," said Charter Equity analyst Edward Snyder. "Now they need to accelerate the models to market, but at the same time they are cutting staff." To help boost its sagging share price, RIM intends to buy back up to 5 percent of its outstanding shares and said the board did not expect that the spending would have a negative impact its growth plan. Its full year forecast for earnings per share did not calculate any impact of the share buyback. BY THE NUMBERS RIM expects earnings in the current quarter of between 75 cents and $1.05, sharply lower than the already pessimistic average view of $1.40. It sees revenue of between $4.2 billion and $4.8 billion. The Waterloo, Ontario-based company's net profit dropped to $695 million, or $1.33 a share, on revenue of $4.9 billion. Analysts had expected profit of $1.32 a share on revenue of $5.1 billion. A year ago RIM earned $1.38 a share on revenue of $4.24 billion. The company said its gross margins, among the highest in the smartphone industry, will likely slip around 5 percentage points to some 39 percent in the current quarter. Shares of RIM -- which reported its results after the close -- fell to nearly a five-year low during the regular session after the company said a senior executive had taken medical leave. RIM shares fell more than 15 percent further to $29.84 in trade after the closing bell in the United States. (Additional reporting by Euan Rocha, Allison Martell and Trish Nixon in Toronto and Sinead Carew in New York) (Corrects RIM's full year earnings forecast to $5.25-$6 a share, from $4.25-$6 a share) Technology Hot Stocks Asian Markets Media iPad 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 (1) FreeRange wrote: “Shipped” 500,000 Playbooks? But how many are still sitting in the channel? Undoubtedly most. You’d have to be a fool, or totally clueless as to what is going in in the tablet market, to buy a dog like this that can’t hunt. And oh yes, “the worst is behind us”, “We truly believe we are approaching the end of this difficult transition”, but we are going to start laying people off! Say what? Then I guess you really haven’t turned the corner have you? Jun 17, 2011 2:50am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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