19:09 ET<\/span><\/span><\/p>\nResearch in Motion (RIM) has slashed its profits forecast for the current quarter due to lower shipments of its popular Blackberry phone.<\/p>\n
Shares in the company fell about 10% in after-hours trading as a result of the warning – its second in the past month.<\/p>\n
RIM said it would also miss its revenue target of $5.2bn (\u00a33.1bn) to $5.6bn for the period, forecast in March.<\/p>\n
The firm’s previous profit warning was due to the cost of developing its new tablet-format Blackberry.<\/p>\n
It also blamed the increasing number of consumers moving towards cheaper handsets in its product range.<\/p>\n
‘Losing traction’<\/span><\/p>\nThe company has seen its share of its core US market steadily eroded by smartphone rivals.<\/p>\n
“This is the beginning of the slide,” said Edward Snyder at Charter Equity Research.<\/p>\n
“It’s going to be like air coming out out a balloon slowly. Increasingly RIM is being relegated to the low end, quasi-smartphone.<\/p>\n
“Without a flagship touchscreen, high-end smartphone, they are going to continue to lose traction.”<\/p>\n
‘Transitional challenge’<\/span><\/p>\nRIM is banking on its new tablet computer – the Playbook – to regain the initiative.<\/p>\n
It will be half the size of Apple’s iPad and will be compatible with Google’s Android operating system.<\/p>\n
As well as the new product launch, the company is also revamping its operating system.<\/p>\n
Some analysts are more willing to give the firm the benefit of the doubt.<\/p>\n
Commenting on the latest profits warning, Matthew Robinson at Wunderlich Securities said: “It’s not great news but in this transition period there are a lot of numbers that are moving around and I don’t think we can view it as that incremental.<\/p>\n
“Transitions are always a challenge.”<\/p>\n<\/div>\n
See original here:
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