RIM Posts Low Earnings, Plans Stock Buyback

Posted 06/24/2010 at 4:15pm | by Ryan Whitwam

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Blackberry maker Research in Motion (RIM) has reported earnings today and industry watchers weren't too happy. The company missed analyst expectations and the reason is pretty clear. Competition from Android and the iPhone are eating into RIM's business. Verizon, which was traditionally a Blackberry heavy carrier, has been getting into Android in a big way. Additionally, consumers continue to jump ship for the iPhone for non-business activities.

It's not all gloom and doom, though. Revenue did rise 24$ to $4.24 billion, but expectations were around $4.35 billion. RIM's stock took a pounding, but the smartphone maker isn't standing still. RIM will be buying back $31 million in stock to help stabilize the company. Investors are growing concerned that RIM will become increasingly marginalized as other platforms continue to take off.

RIM isn't going away anytime soon. They're a profitable business, and people that use Blackberrys often love them. Do we have any diehard Blackberry fans out there?