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Old June 28, 2012, 02:32 PM
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Default RIM lost $518m 1st qtr 10 times estimate. BB 10 delayed 2013, cuts 5000 jobs [Star]

All I got to say is wow....

Quote:
Struggling BlackBerry maker Research in Motion revealed Thursday that it had lost $518 million in its fiscal first quarter, is going to cut 5,000 jobs, and is pushing back the expected launch of its BB10 operating system until early next year.
RIM shares plunge almost 18 per cent on news of $518 million loss, 5,000 job cuts, delay of BB10 to 2013 - thestar.com

I have always said things were not as bad as the doomsayers have said regarding RIM, but the BB 10 delay until after the holiday season gotta hurt pretty bad.

Edit: additional details at Mobile Syrup:
Quote:
Unfortunately, the report noted that the BlackBerry 10 smartphone launch is “now scheduled for Q1 of calendar 2013.” Curious about the reason? Well, it comes down to coding. RIM said their “software development teams have made major progress in the development of key features for the BlackBerry 10 platform; however, the integration of these features and the associated large volume of code into the platform has proven to be more time consuming than anticipated.”
RIM Q1 Fiscal 2013 results: | MobileSyrup.com
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Old June 28, 2012, 02:48 PM
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If you have any RIM stocks better start selling them, wouldn't be surprised if the shares drop by 25%+ from this announcement.

RIM is literally on lifesupport.
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Old June 28, 2012, 02:55 PM
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Now might be the right time to buy, or maybe hold off a little until the shares drop even further.

I suspect a major comeback will be in the works for RIM. They're (strangely) following the path Apple did 20 years ago (sorta)
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Old June 28, 2012, 02:57 PM
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Wow. I was optimistic that the BB 10 would be the device to resurrect RIM and get them back on the path to recovery. Unfortunately, I don't think there is any hope for them now.
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Old June 28, 2012, 03:05 PM
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So the software integration is taking more time.....and yet they've fired hundreds of people directly associated with BB10. Completely counter-intuitive in my opinion.
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Old June 28, 2012, 03:07 PM
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Quote:
Originally Posted by great_big_abyss View Post
Now might be the right time to buy, or maybe hold off a little until the shares drop even further.

I suspect a major comeback will be in the works for RIM. They're (strangely) following the path Apple did 20 years ago (sorta)

I have been saying that for a while on these forums and in real life.

$500 million loss? No biggie as they have cash on hand. Per quarter is tough, but something they can withstand as long as its stops soon.

5000 laid off? get smaller and nimble I guess (sucks to be one of those laid off, apologies to anyone reading this wo works there, but RIM can survive that easily if the cuts are done right).

BB 10 getting delayed to Q1 2013? This is very bad in my books. Every month delayed is another 3 year contract/upgrade customer lost, and the will also miss out on this Xmas season. This means lost big-time revenue for the rest of 2012 (while Samsung/Android and Apple get all the press), and long-term people moving to other ecosystems.

RIM built up BB10 so much, they have really set themselves up for a fall.
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Old June 28, 2012, 03:35 PM
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Any big loss is a biggy to investors, lose investor interest or investors in general and kiss your company goodbye.

Those 5 000 jobs bring the company probably down to about 6-7k globally, perhaps even smaller now. Sure some of those cuts were probably needed, though when you lay off departments you'll suffer in productivity until others pick up their work.

BB10 not coming out until next year is REALLY going to hurt RIM, as what do they have a good/top product? Phones, not really, tablet, not even close.
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Old June 28, 2012, 03:45 PM
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the physical phone is one thing.
But there are things to improve in the BES servers and the whole firmware on phones. They are still blocking some integration with different vpn/ssl solution provider. This close minded philosophy will kill them.
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Old June 28, 2012, 08:53 PM
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I read the title and thought they only lost $518 dollars .

I can't stand my curve 9360 that work gave me I would rather have 4 directional buttons than that mouse thumb slider crap. I would go back to using my Razr if it didn't make a buzzing sound every time I opened it.
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Old June 28, 2012, 09:18 PM
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Quote:
Originally Posted by Fleurious View Post
I read the title and thought they only lost $518 dollars .
You didn't see anything....
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