Latest Gear Live Videos
RIM BlackBerry 10 smartphones delayed, PlayBook written off
Posted by Andru Edwards Categories: Smartphones, Corporate News, Handhelds,
Research in Motion wrote off $485 million worth of PlayBooks that it was unable to sell, as net income and revenue both fell significantly from a year ago.
RIM also said that a delay in a key dual-core chip will push back the release of the company's first BlackBerry 10 smartphones to the latter half of 2012.
Both Jim Balsillie and Mike Lazaridis, the company's co-chief executive officers, said that they asked the company's compensation committee to reduce their respective salaries to just a dollar, even as a cross-management team works to cut costs. Balsillie said that the decision had been made because of a perception that the company's management had "fallen short" of expectations.
In all, RIM reported a number of future disappointments, even as the company's top line continued in the black, thanks to its success overseas. RIM was profitable, even through net income fell to $265 million from $911 million a year ago. Revenue fell 5 percent from the same period, from $5.5 billion to $5.2 billion.
"We ask for your patience and confidence and hope to report further progress in the coming quarters," Lazaridis said in a conference call with analysts.
Click to continue reading RIM BlackBerry 10 smartphones delayed, PlayBook written off
Advertisement
Advertisement
© Gear Live Inc. {year} – User-posted content, unless source is quoted, is licensed under a Creative Commons Public Domain License. Gear Live graphics, logos, designs, page headers, button icons, videos, articles, blogs, forums, scripts and other service names are the trademarks of Gear Live Inc.