The Guardian reports: BlackBerry maker Research in Motion (RIM) has said it is looking to slash jobs and streamline its operations as it struggles to regain ground in the smartphone market. The company's first quarter revenue fell short of expectations and it cut its outlook for future earnings for the second time this year.
After the stock markets closed the Canadian firm reported earnings of $695m, or $1.33 a share, on revenue of $4.9bn, 12% below the previous quarter. Wall Street had been expecting earnings of $1.32 a share on revenue of $5.15bn.
Jim Balsillie, co-chief executive, said the fiscal year had "gotten off to a challenging start" and the slowdown the company experienced in the first quarter was continuing into the second quarter. He said new products would be delayed until the "very late part of August." The company is expecting revenues to decline further in the second quarter to between $4.2bn and $4.8bn. As a result of the dismal results, RIM will cut costs including a headcount reduction.
(Via: The Guardian)
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