RIM stock tanks after disappointing results

BlackBerry-maker Research In Motion Ltd.’s stock has hit a five-month low, falling more than 10% after the company reported lower-than-expected earnings for its fourth quarter and fiscal year ending Feb. 26.
The company shipped 52.3 million smartphones in the year-long period, up 43% from the previous year. Revenue also grew 33% in the same period to $19.9 billion.
Net income for the quarter reached $934 million, up almost 24% from the year-ago period.
“We are pleased to report record shipments and financial performance in fiscal 2011,” Jim Balsillie,
Co-CEO at RIM, said in a prepared statement. “As we enter fiscal 2012, RIM is in an excellent position to benefit from the continuing convergence of the mobile communications and mobile computing markets. We are
laying a strong foundation for RIM’s expanding market opportunity through focused investments and we
are extremely excited about our smartphone, tablet and platform roadmaps.”
Investors are largely unimpressed with the company’s performance and go-forward position overall, however. Stock tanked after the company’s earnings came out and its still among the biggest tech losers of the day on Wall Street.