Research In Motion (NASDAQ: RIMM) posted its quarterly results. Like most of what RIM has done recently, the figures disappointed the market. They did, however, show that the RIM has not been altogether savaged by competition.
The plain facts were
Revenue for the third quarter of fiscal 2012 was $5.2 billion, up 24% from $4.2 billion in the previous quarter and down 6% from $5.5 billion in the same quarter of last year.GAAP net income for the quarter was $265 million, or $0.51 per share diluted, compared with GAAP net income of $329 million, or $0.63 per share diluted, in the prior quarter and GAAP net income of $911 million, or $1.74 per share diluted, in the same quarter last year.
The results reflected the $485 million write-down RIM took on Playbook inventory. As a matter of fact, the company sold only 150,000 of the tablet PCs in the period.
The company’s core product did relatively well. During the quarter, RIM shipped approximately 14.1 million BlackBerry smartphones. Subscribers were up 35% year-over-year to almost 75 million. No matter how badly the company has done, that is an impressive base from which to revive the firm.
The company’s guidance was above depressing, but shows that challenges RIM faces in a world in which Apple can barely keep iPhones in stock
Revenue for the fourth quarter of fiscal 2012 ending March 3, 2012 is expected to be in the range of $4.6-$4.9 billion. Gross margin percentage for the fourth quarter is expected to be approximately 38%. BlackBerry smartphone shipments are expected to be between 11 million and 12 million units. Earnings per share for the fourth quarter is expected to be in the range of $0.80-$0.95.
Douglas A. McIntyre
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