Respected financial analyst Charlie Wolf on Wednesday issued a note to clients and slammed RIM for its recent missteps.
[ad#Google Adsense 300x250 in story]“RIM’s skills as a hardware manufacturer have been more than offset by it ineptness in software development, the focus of competition today,” wrote Wolf. “The blame must be laid at the feet of the company’s Co-CEO’s who in their actions and words, appear to have no clue on how to mount a successful response.”
Wolf also said that RIM spent the last 10 years as “a one-trick pony, delivering the gold standard in messaging services,” according to Barrons.
While Wolf said he wasn’t predicting the demise of RIM, he did cut his estimate from $26.8 billion in revenue and $7.35 in earnings per share, to $23.1 billion and $6.
Just last week RIM warned that it would not meet its guidance for the first fiscal quarter of 2012. The company blamed lower shipments of BlackBerrys for the shortfall.