RIM Shares Plunge in Premarket after Posting Loss
Toronto (AP) — Shares of BlackBerry maker Research In Motion slid in premarket trading after the company posted a loss in the first quarter and failed to break out how many of its new BlackBerrys were sold.
Analysts were hoping to see how BlackBerry's new touchscreen Z10 phone sold for a full quarter in the U.S. market. RIM only said it 6.8 million phones overall versus 7.8 million last year. That includes older models.
RIM's new Blackberry 10 operating system is widely seen as critical to the company's comeback.
Its shares dropped $2.57, or 17.8 percent, to $11.91 in premarket trading.
The Canadian company said Friday that it lost $84 million, or 16 cents a share, in the three months ended June 1 on revenue of $3.1 billion. It lost $518 million, or 99 cents per share, on revenue of $2.8 billion a year ago.
Analysts expected RIM to earn 5 cents a share on revenue of $3.37 billion.