Research In Motion’s profit was cut nearly in half from a year earlier.
(Associated Press)
TORONTO - Shares of Research In Motion closed just 0.6 percent lower yesterday but plummeted in after-hours trading, following the BlackBerry maker’s report that its quarterly net income and revenue declined. The stock was off 19 percent at 7:30 p.m. The company continues to struggle to compete with the iPhone from Apple Inc. and smartphones running Google’s Android system.
RIM’s net income was $419 million, or 80 cents a share, in the three months ended Aug. 27, down from $796.7 million, or $1.46, a year earlier. Analysts expected 90 cents.
The Waterloo, Ontario, company said revenue fell 15 percent to $4.2 billion.
RIM sold about 200,000 PlayBook tablet computers in the quarter, far short of the 500,000 analysts expected.
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