TORONTO - Canada's company said revenue rose 16% but profit dropped from the prior quarter and from the prior year as the Waterloo Ontario company slashed its 2011 profit outlook by as much as 28%.
Revenue in the quarter was $4.9 billion down 12% from $5.6 billion seen last quarter. The company sold 13.2 million blackberries and 500,000 tablets in the quarter.
Jim Balsillie the co-CEO at RIM said "Fiscal 2012 has gotten off to a challenging start. The slowdown we saw in the first quarter is continuing into Q2, and delays in new product introductions into the very late part of August is leading to a lower than expected outlook in the second quarter." Balsillie added "RIM's business is profitable and remains solid."
Net income for the quarter was $695 million, or $1.33 per share diluted, compared with net income of $934 million, or $1.78 per share diluted, in the prior quarter and net income of $769 million, or $1.38 per share diluted, in the same quarter last year.
Earnings per share for the full year fiscal 2012 are now expected to be between $5.25-$6.00
The company plans to continue repurchasing shares and has an agreement to buy up to 5% of RIM's shares on the Nasdaq.
The stock is currently down over 15% as shares re-open for after hours trade.
To read the full RIM report click here.
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