It was a great Q1 it was for BlackBerry maker Research in Motion, however, lowered estimates for Q2 have caused RIM’s stock (RIMM) to take a plunge in after hours trading.

Research in Motion closed yesterday at $142.336 but is down $13.456, or, -9.45% down to $128.88. RIM said that it’s margins will be a bit lower at the end of Q2, 50.5% down from 50.7%

I am sure that many are going say that this dip and any woes RIM sees in Q2 are due to the release of the iPhone. Apple is going to claim some ground in the consumer market with the new iPhone and RIM is going to have to figure out how to compete with a $200 device, however, if RIM were to lose share to RIM in Q2, I am sure they will more than make up for in Q3 which starts in September.