RIM’s Q3 Results Show a 71% Drop in Earnings, CPR Anyone?
You’d wonder what the power of two CEOs can do to a company. You’d expect RIM to be growing like clock work, given its very uncommon executive team, but the bottom line shows a very different picture. RIM’s Q3 earnings are now live and they show a terrible 71% loss in earnings when comparing the $256 million (51 cents per share) that they made this year to the $911 million they made last year.
This loss is mainly due to the $485 million hit that the company had to absorb over the PlayBooks they’ll never sell, and also because of the $54 million that they had to swallow with so many outages this year. RIM shipped 14.1 million BlackBerry smartphones this year, but even with their expectation to sell another 11 to 12 million phones in the next three months, we must say we don’t see it possible.
So far RIM is the perfect example of why a company with too many people in-charge, never prospers. If RIM’s two CEO’s couldn’t prove that they’re fit for the job of just one CEO, don’t expect a third one to come and get the job done.
Via: The Verge