Company reports a bleak Q1 with little improvement coming in Q2.
Research In Motion said a while back that its first quarter was going to be bad. But no one expected just how bad it was going to be.
The company reported first-quarter losses of $518 million, with revenue slipping to $2.8 billion from $4.2 billion last year. As a result of poor performance, the company has been forced to move its much-hyped Blackberry 10 OS to the first quarter of 2013.
RIM is already suffering against giants Apple and Android, and despite its best efforts and a slew of new handsets, had yet to regain any proper footing in the mobile market. Despite Blackberry 10 being delayed, CEO Thorsten Heins believes that the OS is still the company’s number one priority. “RIM’s development teams are relentlessly focused on ensuring the quality and reliability of the platform and I will not compromise the product by delivering it before it is ready. I am confident that the first BlackBerry 10 smartphones will provide a ground-breaking next generation smartphone user experience.”
It’s unsure what RIM is going to do until Blackberry 10 launches, with the company already undertaking global layoffs in an attempt to curb costs and get things back on track. The question remains is if these measures are enough or not or if the doors will finally be closing on this once-great giant.