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RIM BlackBerry 10 smartphones delayed, PlayBook written off

BlackBerry Playbook

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.

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