Phone rivalry drives down RIM earnings
TORONTO (AP) — Shares of Research In Motion plummeted more than 13 percent after hours after the BlackBerry maker reported its net income and revenue declined in its fiscal second quarter.
The company continues to struggle to compete with the iPhone and smartphones running Google's Android system.
RIM says its net income was 419 million, or 80 cents per share, in the three months ended August 27. That's down from $796.7 million, or $1.46 per share, a year ago. Analysts expected 90 cents per share, according to a poll by FactSet.
The Waterloo, Ontario-based company said revenue fell 15 percent to $4.2 billion.
RIM says it sold about 200,000 PlayBook tablet computers in the quarter. That was far short of the 500,000 analysts had expected.