RIM Beats Analysts’ Forecasts (Barely), Revenue Down 47 Percent
RIM continues to struggle as it preps for the release of BlackBerry 10. According to its third-quarter earnings report, the the company posted a net loss of $114 million. During that period, RIM shipped a total of 6.9 million smartphones and roughly 255,000 BlackBerry PlayBooks, and generated revenue of $2.7 billion.
While beating analysts’ predictions, that figure is down five percent from the $2.9 billion it earned the previous quarter. Year-over-year, RIM saw its revenue drop 47 percent, from $5.2 billion to the aforementioned $2.7 billion.
On the plus side, RIM’s earnings were higher than the $2.6 billion analysts expected the company to earn. Losses were also better than analysts’ projections, with RIM losing just $0.22 per share diluted compared to the $0.35 per share it was expected to lose.
Overall, the BlackBerry-maker reported a net income of $14 million, or $0.03 per share diluted. That number, however, was buoyed by a one-time tax settlement of $116 million. RIM says its revenue came primarily from hardware sales, which made up 60 percent of its earnings. Services made up 36 percent of gains, while software came in at 4 percent.