RIM posts poor Q4 2012 earnings, Jim Balsillie and other executives step down

RIM posted its quarterly earnings and the results are grim as expected. The company announced a loss of $125 million on quarterly revenues of $4.2 billion, which is down 19% from the previous quarter. The company shipped 11.1 million handsets in the quarter, down 23 percent from the previous quarter. It also shipped 500,000 Playbook tablets.

Besides its earnings the company also announced that Jim Balsillie has stepped down from the Board of Directors. Also out is Software CTO David Yach and Jim Rowan, COO, Global Operations.

“As I complete my retirement from RIM, I’m grateful for this remarkable experience and for the opportunity to have worked with outstanding professionals who helped turn a Canadian idea into a global success,” said Balsillie.

RIM CEO Thurston Heins said that RIM will not provide guidance for the upcoming quarters. The immediate strategy is target emerging markets with entry-level BlackBerry 7 devices until RIM can get its BlackBerry 10 handsets into the marketplace later this year. Prototype BlackBerry 10 devices will be available at May’s BlackBerry World Conference. It will also renew its focus on the enterprise market where it has lost ground in the last few years.

[Via RIM]


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