RIM caps dismal year with another profit warning

Research in Motion capped an already dismal year with a steep profit warning on Friday, taking a huge charge to write down inventories on its languishing PlayBook tablet and sending its shares tumbling more than 8 percent.

Waterloo, Ontario-based RIM, the company whose ubiquitous BlackBerry virtually invented the smartphone, said it now no longer expects to meet its forecast for full-year adjusted earnings of $5.25 to $6.00 a share, due to the $360 million after-tax writedown on PlayBook inventories and a $50 million charge related to a damaging service outage in October.

RIM launched the PlayBook to unfavorable reviews in April, making it a late arrival to a new market segment where Apple's iPad had established an overwhelming dominance.

Read Full Article from Reuters

- Posted: 2011-12-02 11:14:53

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