RIM issues Q4 2012 earnings report, announces Jim Balsillie's resignation from boardAlex Wagner - Senior News Editor
A lot has changed with RIM since it last issued an earnings report, including the arrival of BlackBerry PlayBook OS 2.0, but the biggest change has been the arrival of new CEO Thorsten Heins. Today RIM delivered the results of its Q4 fiscal 2012, its first such report under Heins, and there are even more big changes coming out of the company today. The biggest news is that former co-CEO Jim Balsillie has resigned as Director of RIM's Board. "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," Balsillie said. RIM also announced that CTO David Yach is retiring and COO of Global Operations Jim Rowan has decided to pursue other interests.
On the financial side of things, RIM reported that revenue for the fourth quarter of fiscal 2012 reached $4.2 billion, a figure that's down 19 percent ($5.2 billion) from the previous quarter. RIM had a net loss of $125 million for fiscal Q4 2012, which is a drop from the net income of $265 million that RIM saw in fiscal Q3 2012. RIM reports that it shipped around 11.1 million BlackBerry handsets and around 500,000 PlayBook tablets during the quarter.
Overall it looks like RIM had a pretty rough quarter, and CEO Thorsten Heins expects more of the same in the coming quarters, saying during the company's earnings call that "it's likely that the next few quarters will be challenging for our business." It'll definitely be interesting to see how RIM navigates the next several months, especially considering that its first BlackBerry 10-powered devices aren't expected to arrive until late this year. We're listening in on RIM's conference call right now and will be sure to update you on any other news that comes out of it. Those of you interested in diving deep into the nitty gritty of RIM's Q4 2012 report can do so at the source link below.