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Blackberry maker RIM’s profits fall sharply

September 20, 2011 By: Dr Search Principal Consultant at the Search Clinic Category: BlackBerry, mobile phones, smart phones, Tablets, Technology Companies, Uncategorized

Blackberry maker Research in Motion (RIM) has seen its second quarter profits more than halve- hurt by low demand for its older modelsBlackberry maker RIM's profits fall sharply RIM shipped 10.6 million smartphones between June and August but expects a pick up in sales during the next quarter.

The firm started to roll out new smartphones but only late in the quarter.

Net profits fell to £208 million for the three months to 27 August, from £498 million in the same period a year earlier.

In July, the company said it would cut 2,000 jobs – 11% of its workforce – as part of a shake-up of its operations.

Revenue for the second quarter fell to £2.65 billion, a drop of 10% on the same three months last year.

During the quarter, RIM shipped some 10.6 million Blackberry smartphones and about 200,000 Blackberry PlayBook tablets, which was well below analysts’ expectations.

Following the results announcement, RIM’s shares fell by as much as 10% in after-hours trading in New York.

The Canadian firm said it expected business to improve in the third quarter though, forecasting shipments of between 13.5 million and 14.5 million smartphones and revenues of between £3.31 billion and £3.5 billion.

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