RIM back from brink
RIM increased its cash pile and reported a smaller than expected loss in the quarter to the end of August, giving hope that the company is back on track ahead of a new generation of product launches.
RIM shipped 7.4m Blackberries in the quarter which was higher than expected in view of the imminent launch of its new product range the BB10. The success in sales was attributed to sales in emerging markets.
The net loss for the quarter was $235m which included re-structuring charges of $93m. RIM is in the process of laying off 5000 workers, 2,500 of which have already left the company.
Revenue was $2.9bn, up 2% on the previous quarter, and the cash pile rose to $$2.3bn from the previous quarter’s $2.2bn.