RIM’s earnings report: not as bad as expected

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BlackBerry maker Research in Motion’s quarterly earnings report, announced yesterday, was expected to post a loss for the company but even though the losses were there they were not all as severe as expected.

RIM announced losses of 45 cents per share on revenues of $2.87 billion, beating analyst expectations of a loss of 47 cents per share on revenues of $2.49 billion. The largest surprise is that the company reported that its cash balance rose over the quarter by $100 million, taking the total cash balance to $2.3 billion.

What is concerning is that RIM shipped 30% fewer handsets than they managed last quarter, down from 7.8 million to 7.4 million units. The company also shipped some 130,000 PlayBook devices over the same time period.

RIM CEO Thorsten Heins said in a statement “Despite the significant changes we are implementing across the organization, our second quarter results demonstrate that RIM is progressing on its financial and operational commitments during this major transition.”

“Make no mistake about it, we understand that we have much more work to do, but we are making the organizational changes to drive improvements across the company, our employees are committed and motivated, and BlackBerry 10 is on track to launch in the first calendar quarter of 2013.”

Source: AllThingsD

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