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RIM lowers profit outlook amid slow economy
The economic downturn in the U.S. and elsewhere is taking its toll on more device makers, with smartphone maker RIM lowering their financial outlook for Q3 in the face of declining demand and increased competition. Particularly, the company says it now expects quarterly revenue to fall between $2.75 billion and $2.78 billion – down from a previous estimate of $2.77 to $3.10 billion.
The company blames the current poor economic conditions along with the delayed product launches for both the BlackBerry Bold and the long-awaited touch screen Storm – even though they claim to have “experienced particularly strong momentum in recent weeks” following the launch of the latter. Though they arguably still enjoy a comfortable lead over Apple in the business world with its traditional BlackBerry lineup, their Storm device is going to conspicuous lengths to try and appeal to the same crowd the iPhone does. This is an especially important concern to RIM, seeing as Apple has reached nearly 17% of the smartphone market.
Editor’s note: This story was partially rewritten due to some inaccuracies. Our apologies about that.
User Comments (3)
Post a comment| bill carlin on December 3, 2008 2:34 PM | Wow, just about every line in your post is incorrect. RIM did NOT cite low Storm sales. In fact, it said that it set a new record on the day that Storm launched and it also set a company record for weekly sales during the last week of the quarter. And RIM did NOT say anything about their stock value. They simply lowered their guidance for Q3. The stock is up today because their results are actually pretty good in this economic climate. Get your facts straight!
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| DarkCobra on December 4, 2008 3:33 PM | Well Bill beat me too it. The facts are way off. The Storm actually had tremendous sales even though the product is suffering from software glitches which are already being corrected just as Apple had a very rough start with their first all touch screen product. Just what was the source for these so-called facts?
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| Julio on December 4, 2008 6:17 PM | Editor’s note: This story was partially rewritten due to some inaccuracies. Our apologies about that.
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