RIM issued a press release that confirmed analysts’ worst fears – RIM will post an operating loss and fall well short of Wall Street estimates in Q1 2012. The Canadian company blamed its poor performance on “the on-going competitive environment.”
The handset maker also said it has hired JP Morgan Securities LLC and RBC Capital Markets for a strategic review of its financial situation. RIM said it will “evaluate the relative merits and feasibility of various financial strategies, including opportunities to leverage the BlackBerry platform through partnerships, licensing opportunities and strategic business model alternatives.” A possible outcome of this move is a major restructuring (read:layoffs) or a sale of the company’s assets.
When it announced this news, RIM halted trading of its stock. Trading resumed after hours and the stock has dropped 13 percent as of the writing of this post.
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