Research In Motion Slashes Outlook, And Says Smartphone Sales Are Weak

jim balsille rim ceo

[credit provider=”Bloomberg”]

Bad news for defenders of Research in Motion.The Blackberry maker just slashed its forecast for Q1 to $1.30-$1.37 (from $1.47-$1.55), saying that sales of its smartphones will be in the lower range of previously guided forecasts of 13.5-14.5 million.

Update: The stock has reopened after a halt, and is now down 8%.

Not only that, but the tilt is going to be towards the lower end of its product range, confirming that the iPhone is killing them at the high end.

The good news? They’re not slashing Playbook forecasts just yet (though there are absolutely no details about what those forecasts were).

The company will hold a conference call at 5:30 to give more details.

The whiff comes just days after the company received horrible reviews for the Playbook.

Addendum: What’s perhaps the most absurd part of the whole thing is that the company has set its full year guidance at $7.50, which is well above the street. Coming at this time seems absurd, and the management is blowing its credibility.