AIRLINK 186.40 Increased By ▲ 1.71 (0.93%)
BOP 12.69 Decreased By ▼ -0.09 (-0.7%)
CNERGY 7.60 Decreased By ▼ -0.21 (-2.69%)
FCCL 40.50 Decreased By ▼ -0.34 (-0.83%)
FFL 14.90 Decreased By ▼ -0.28 (-1.84%)
FLYNG 27.31 Increased By ▲ 0.37 (1.37%)
HUBC 130.97 Decreased By ▼ -0.10 (-0.08%)
HUMNL 13.25 Decreased By ▼ -0.57 (-4.12%)
KEL 4.47 Decreased By ▼ -0.04 (-0.89%)
KOSM 6.04 Decreased By ▼ -0.10 (-1.63%)
MLCF 53.44 Increased By ▲ 2.21 (4.31%)
OGDC 212.50 Increased By ▲ 0.39 (0.18%)
PACE 6.09 Decreased By ▼ -0.20 (-3.18%)
PAEL 41.85 Decreased By ▼ -0.70 (-1.65%)
PIAHCLA 15.91 Decreased By ▼ -0.60 (-3.63%)
PIBTL 9.58 Increased By ▲ 0.64 (7.16%)
POWER 11.10 No Change ▼ 0.00 (0%)
PPL 173.00 Decreased By ▼ -2.00 (-1.14%)
PRL 34.02 Decreased By ▼ -0.71 (-2.04%)
PTC 23.35 Decreased By ▼ -0.59 (-2.46%)
SEARL 87.40 Decreased By ▼ -7.02 (-7.43%)
SILK 1.13 Decreased By ▼ -0.01 (-0.88%)
SSGC 32.41 Decreased By ▼ -0.70 (-2.11%)
SYM 15.65 Decreased By ▼ -1.46 (-8.53%)
TELE 7.99 Decreased By ▼ -0.26 (-3.15%)
TPLP 11.04 Decreased By ▼ -0.41 (-3.58%)
TRG 59.50 Decreased By ▼ -0.75 (-1.24%)
WAVESAPP 11.28 Decreased By ▼ -0.11 (-0.97%)
WTL 1.41 Decreased By ▼ -0.04 (-2.76%)
YOUW 3.81 Decreased By ▼ -0.12 (-3.05%)
AIRLINK 186.40 Increased By ▲ 1.71 (0.93%)
BOP 12.69 Decreased By ▼ -0.09 (-0.7%)
CNERGY 7.60 Decreased By ▼ -0.21 (-2.69%)
FCCL 40.50 Decreased By ▼ -0.34 (-0.83%)
FFL 14.90 Decreased By ▼ -0.28 (-1.84%)
FLYNG 27.31 Increased By ▲ 0.37 (1.37%)
HUBC 130.97 Decreased By ▼ -0.10 (-0.08%)
HUMNL 13.25 Decreased By ▼ -0.57 (-4.12%)
KEL 4.47 Decreased By ▼ -0.04 (-0.89%)
KOSM 6.04 Decreased By ▼ -0.10 (-1.63%)
MLCF 53.44 Increased By ▲ 2.21 (4.31%)
OGDC 212.50 Increased By ▲ 0.39 (0.18%)
PACE 6.09 Decreased By ▼ -0.20 (-3.18%)
PAEL 41.85 Decreased By ▼ -0.70 (-1.65%)
PIAHCLA 15.91 Decreased By ▼ -0.60 (-3.63%)
PIBTL 9.58 Increased By ▲ 0.64 (7.16%)
POWER 11.10 No Change ▼ 0.00 (0%)
PPL 173.00 Decreased By ▼ -2.00 (-1.14%)
PRL 34.02 Decreased By ▼ -0.71 (-2.04%)
PTC 23.35 Decreased By ▼ -0.59 (-2.46%)
SEARL 87.40 Decreased By ▼ -7.02 (-7.43%)
SILK 1.13 Decreased By ▼ -0.01 (-0.88%)
SSGC 32.41 Decreased By ▼ -0.70 (-2.11%)
SYM 15.65 Decreased By ▼ -1.46 (-8.53%)
TELE 7.99 Decreased By ▼ -0.26 (-3.15%)
TPLP 11.04 Decreased By ▼ -0.41 (-3.58%)
TRG 59.50 Decreased By ▼ -0.75 (-1.24%)
WAVESAPP 11.28 Decreased By ▼ -0.11 (-0.97%)
WTL 1.41 Decreased By ▼ -0.04 (-2.76%)
YOUW 3.81 Decreased By ▼ -0.12 (-3.05%)
BR100 11,869 Decreased By -51.1 (-0.43%)
BR30 35,588 Decreased By -219.5 (-0.61%)
KSE100 113,252 Decreased By -532.6 (-0.47%)
KSE30 35,194 Decreased By -193.2 (-0.55%)
Top News

Research In Motion stock plunges on weak sales

NEW YORK : Shares of Research In Motion (RIM) plunged 19 percent on Wall Street on Friday after the BlackBerry maker rep
Published September 17, 2011

rimNEW YORK: Shares of Research In Motion (RIM) plunged 19 percent on Wall Street on Friday after the BlackBerry maker reported sales and profits that fell short of expectations.

 The Waterloo, Ontario-based company reported an outage meanwhile with its BlackBerry Messenger (BBM) service in Canada and Latin America.

"Some Canada & LatAm customers report BBM issues," RIM said in a message on its Twitter feed. "Our support teams are investigating. We apologize for any inconvenience."

RIM shares lost 18.99 percent on the Nasdaq stock exchange to close at $23.93.

RIM had a market capitalization of more than $30 billion at the start of the year, but the latest declines have reduced its value to around $12 billion.

RIM said Thursday that net profit fell to $329 million, or 63 cents per share, in its fiscal second quarter from $797 million, or $1.46 per share, in the same quarter a year ago.

Revenue declined to $4.2 billion in the quarter which ended on August 27 from $4.6 billion a year ago.

RIM, which is facing stiff competition from Apple's iPhone and handsets running Google's Android software, said it shipped 10.6 million BlackBerry smartphones during the quarter and 200,000 PlayBooks, RIM's rival to the iPad.

Analysts had expected BlackBerry shipments of 11.9 million units and 700,000 PlayBooks.

During a conference call with analysts Thursday, RIM co-chief executive Mike Lazaridis said the "past few quarters have been challenging," but expressed confidence the company is "on track to return to growth in the third quarter and beyond."

RIM said it expected BlackBerry shipments to grow between 27 percent and 33 percent in the third fiscal quarter over the second quarter, to between 13.5 million units and 14.5 million units.

RIM did not provide a forecast for PlayBook shipments.

 

Copyright AFP (Agence France-Presse), 2011

Copyright APP (Associated Press of Pakistan), 2011

 

Comments

Comments are closed.