Research In Motion Ltd. fell to the lowest level in almost eight years after saying a new generation of BlackBerrys designed to fuel a comeback won't be out until the “latter part” of 2012.
The smartphone maker, which originally planned to release the new devices in the first quarter of next year, also gave a sales and profit forecast that missed analysts' estimates.
Of all the companies that could not afford MORE bad news.... RIM would head the list (apologies to MF Global - just ignore the entire website at this point). I think Corzine would have had the good sense to jettison sans golden parachute out of this disaster.
I think my premonitions associated with RIM are coming true. I said they'd be out of business by 2015 more than a year ago. I may have to amend my prediction.... I honestly don't think they'll survive, even as a going concern, for more than a couple of years at this point. Afflictions they now suffer include:
Where the fire sale at?
The smartphone maker, which originally planned to release the new devices in the first quarter of next year, also gave a sales and profit forecast that missed analysts' estimates.
The delay adds to the challenges at RIM, which has lost market share to Apple Inc.'s iPhone and Android phones. The company also flubbed its entry into the tablet market, with a device that bombed with shoppers.
RIM co-Chief Executive Officer Jim Balsillie said on a conference call that he's not satisfied with the “particularly weak” performance in the U.S., which accounts for about a quarter of revenue.
“The last few quarters have been some of the most trying in the recent history of the company,” Balsillie said. The two co-CEOs will be cutting their salaries to one dollar effective immediately as they embark on a review of RIM's product portfolio, manufacturing and research strategy, he said.
The BB10 phones were delayed because the company wanted to deliver devices with better performance and battery life, said Mike Lazaridis, the other CEO. The chipsets that will allow those capabilities won't be available until mid-2012. “We ask for your patience and confidence,” Lazaridis said.
| Patience? I have all the patience in the world... |
The Grim Reaper is honing his scythe at the latest news coming from Waterloo.
Of all the companies that could not afford MORE bad news.... RIM would head the list (apologies to MF Global - just ignore the entire website at this point). I think Corzine would have had the good sense to jettison sans golden parachute out of this disaster.
I think my premonitions associated with RIM are coming true. I said they'd be out of business by 2015 more than a year ago. I may have to amend my prediction.... I honestly don't think they'll survive, even as a going concern, for more than a couple of years at this point. Afflictions they now suffer include:
- Intense competition from Apple & Google. Their market share is now below the Mendoza Line at 9%.
- Hall-Of-Fame caliber mismanagement at the top level. Calling Balsille & Lazarids bumbling fools would be high praise at this point. Their handling of the global outage earlier this year was a PR nightmare.
- Missed deadlines... seriously, when was the last time a product arrived in a timely manner?
I have only two questions for RIM -
Where the fire sale at?
Where the hell is the board?
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| We both forgot to wear our "I'm With Stupid" t-shirts |
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