RIM reported its financial results today and it doesn’t look good. Here are some highlights:
- Revenue of $4.2 billion, down 19% from the third quarter and down 25% from $5.6 billion in the same quarter of fiscal 2011
- BlackBerry smartphone shipments of 11.1 million in Q4, down 21% from Q3
- RIM to discontinue providing specific quantitative guidance
- Shipped over 500,000 BlackBerry PlayBook tablets
- Jim Balsillie, former Co-CEO of the Company, has resigned as a Director on the Company’s Board
- David Yach will be retiring from his role as CTO, Software after 13 years with the Company
- After 4 years with the company and following an open dialogue on the future of global operations, Jim Rowan, COO, Global Operations, has decided to pursue other interests.
Not one piece of good news. Except Balsillie is out, I guess.
Well, Playbook shipments are bigger than expected… (I believe 350k was expected)
They are selling them cheaper than Kindle Fires though.
So they just shipped more, as jim said earlier, doesnt mean much…
Sipped does not equate to sales. It’s a manipulation.
Shipped. Not sold.
I guess all the tech nerds will have a field day when RIM starts selling the PlayBook for $99. They’re happy to grab any crap as long as it’s cheap enough. What a mess RIM has made for itself. I’ll bet the share price will hit around $10 tomorrow morning as shareholders jump ship way too late.
They’ve also stopped giving guidance for the (un)foreseeable future and their inventory increased by $400 million to $1.02 billion. That’s a pile of essentially obsolete BBOS7 devices plus a load of Playbooks. Given their cash balance is under $1.5 billion, it doesn’t take a lot to remove all liquidity.
At some point soon they will be worth the value of the real estate they hold plus their patents.
Sold at Fire sale prices (pun intended).
Talk about fleeing a sinking ship!
On the “shipped not sold” bit: they said during the call that they actually sold more than they shipped, so they’re both clearing out that massive backlog and doing (relatively) well because of it.
Those are some pretty dim highlights.
I wish they’d had better leadership before the decline began four years ago.
Basillie is a dick. He spent the last few years trying to bring a hockey team into the Toronto market while spending cash to get his name on a new wing of a Canadian university. It’s always about him. He should have spent that energy on RIM . Suck it Jim . Suck it hard.
I don’t buy it. Hoy can you sell more than you’ve shipped while increasing your inventory by a whopping 150%?
That’s a dick move! Congrats @inky69:disqus I’ve added your comment to my better-than-a-Playbook web site of dick moves. http://dkmvs.com/posts/740-while-blackberry-sinks-it-s-former-ceo-spent
On the other hand, how the hell did they make $4.2 billion dollars?!
It’s revenue not earnings. What are the earnings / losses BTW?
And it’s still hard to believe they got 11M people to buy the turd that is the BB… 😉