Photo: Research In Motion
Research in Motion just released earnings, and it’s another miss.Revenue was $4.2 billion versus a street expectation of $4.6 billion. EPS was $0.80 versus an expectation of $0.81.
The stock is down 8% in reaction to the news.
Beyond the earnings results, RIM says Jim Balsillie, the company’s former co-CEO, and current director, is stepping down from the board.
RIM’s CTO and COO are also stepping down.
In the press release new CEO Thorsten Heins says, “We are undertaking a comprehensive review of strategic opportunities including partnerships and joint ventures, licensing, and other ways to leverage RIM’s assets and maximise value for our stakeholders.”
Additionally, the company says it will stop providing guidance because it’s going to do very poorly:
The company expects continued pressure on revenue and earnings throughout fiscal 2013. Due to a desire to focus on long term value creation and the current business environment, RIM will no longer provide specific quantitative guidance. Some of the factors contributing to this include, ongoing weakness in the Company’s U.S. smartphone business, an increased focus on selling BlackBerry 7 smartphones to grow the subscriber base in advance of the BlackBerry 10 launch, increasing competitive pressure in the Company’s international markets and the introduction of certain new lower tier service pricing initiatives and a higher mix of sales coming from entry level products.
Results versus street expectations for RIM (via Bernstein):
- $4.2 billion versus $4.6 billion revenue
- $0.80 EPS versus $0.81 EPS
- 11.1 million smartphones shipped versus 11.8 million expected
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