After Research in Motion’s disappointing second quarter fiscal 2012 results RBC Capital Markets analysts released a list of 4 challenges the firm believes RIM’s failure to address led up to the companies poor showing in Q2. RBC also believes that RIM’s valuation which is at an all time low (4x) won’t improve until this challenge areas are addressed.
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To say that yesterday wasn’t a good day for Research in Motion would be a bit of an understatement. The company announced second quarter fiscal 2012 results yesterday and pretty much everything said was a disappointment. It looks like, however, RIM’s night may have been even worse. The stock (RIMM) price dropped almost 22% in after-hours trading down $-6.45 to $23.09 one hour before the markets open.
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Rumors about the QNX powered BlackBerry Colt started spreading a little over a month ago and yesterday during RIM’s Q2 Fiscal 2012 earnings call, Mike Lazaridis and Jim Balsillie both confirmed that QNX powered BlackBerry smartphones will be previewed at BlackBerry DevCon 2011 next month.
The future of Research in Motion and the BlackBerry hinges on the companies ability to deliver on QNX. It will be interesting to see what RIM comes up with…
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Research in Motion reported reported Second Quarter Fiscal 2012 results today, and, to make a long story short, the fat lady ain’t singing, but, she’s definitely warming up backstage. Even though RIM surpassed $1 billion in revenue for the first time and the BlackBerry subscriber base grew over 40% to over 70 million users, Second Quarter Fiscal 2012 results can be summed up into one word… Disappointing.
Press Release
WATERLOO, ONTARIO–(Marketwire – Sept. 15, 2011) – Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM), a world leader in the mobile communications market, today reported second quarter results for the three months ended August 27, 2011 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).
Highlights:
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In an unexpected move, Mike Kirkup, Research in Motion Senior Director of Developer Relations, resigns after 10 years at the company.
As the mobile space continues to change so quickly and this seems like a great time to step back and consider my next steps. If you wonder what I mean about the changing mobile landscape, just look at what has happened in the last two weeks – Motorola was acquired by Google, HP shut down webOS and Steve Jobs resigned as CEO from Apple.
Just a couple of weeks ago, Kirkup stated that Nothing has changed for RIM and BlackBerry. Clearly, this is not the case today… RIM has lost a good one…
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In an effort to improve communication and increase technology awareness and availability among educators in Jamaica, Research in Motion has partnered with the Jamaican Ministry of Education to provide some 20,000 teachers throughout the island’s school system with BlackBerry Smartphones. According to Minister of Education Hon. Andrew Holness, the effort will allow for the effective and increased use of technology among teachers.
Under the partnership with RIM, the company will be making two of its newest technologies available to teachers – the Blackberry Mobile Voice System, which will reduce costs by having one phone extension for multiple numbers; and the Blackberry Pushcast to enable distribution of content such as PowerPoint presentations, videos, or audio files.
Users will benefit from closed user group (CUG) service, whereby calls between the teaching population and the Ministry will be free of cost; instant messaging with other smart phone users; and panic button for automatic calls to the police, fire department, and other emergency services.
This project is set to kick off this coming school year which starts in September.
[Source via CrackBerry]
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It’s no secret that Research in Motion is undergoing a reduction in staff. Company execs said they were going to ‘streamline operations by eliminating jobs and reallocating resources‘ back during the Q2 Fiscal 2012 earnings call. Reuters is reporting that RIM will cut about 2,000 jobs, or, 11% of its workforce and that severance payout is not included in 2nd quarter or full-year outlook.
[via Reuters]
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To the list of acquisitions Research in Motion has made recently, Sweden based online video editing and streaming service start-up JayCut, teams up with RIM.
The BlackBerry PlayBook offers users premium multimedia features, including dual HD cameras for video capture and video conferencing, HDMI output and high resolution video playback. By working with JayCut to add video editing capabilities to the BlackBerry platform we can further enrich our customers’ multimedia experience with BlackBerry.
It will be interesting to see what type of video capabilities JayCut brings to the BlackBerry PlayBook and how quickly they do so…
[Via Inside BlackBerry]
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It comes as no surprise that you would start to see RIM employees resign after company executives announced, back on RIM’s Q2 Fiscal 2012 earnings call, that they would “streamline operations” by eliminating jobs and reallocating resources to high-growth projects like the BlackBerry PlayBook. It doesn’t, however, look all that good when high profile employees like Ryan Bidan, Sr. Product Manager for BlackBerry PlayBook, who work in the one specific area RIM mentioned they would reallocate resources to, not only resign, but head directly to a competitor in the tablet space like Samsung to become their new Director of Product Marketing.
[Via CrackBerry]
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