SAN FRANCISCO (CBS/AP) – BlackBerry maker Research in Motion said it had a net loss in the latest quarter because of writedowns for the declining value of its brand and its PlayBook tablet inventory. Its adjusted income was slightly short of Wall Street expectations.
RIM had a net loss of $125 million, or 24 cents a share, in the quarter that ended March 3. This compares with $934 million, or $1.78 per share, a year ago. Adjusted income was 80 cents per share. Analysts polled by FactSet were expecting 81 cents.READ MORE: Homebuyers In Northern California 'High Fire Zones' See Insurance Rates Go Through The Roof
Revenue fell 25 percent to $4.2 billion from $5.6 billion.
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Thorsten Heins assumed the top job in January at a time when Americans are abandoning their BlackBerrys for flashier touch-screen phones like Apple’s iPhone and models that run Google’s Android software.
Because of Thursday’s news, BlackBerry makers say they are going to refocus by ceding most consumer markets to focus on business customers.
BlackBerries have always been strongest in the business sector, largely because of their perceived security.MORE NEWS: Rate Hikes Loom After Newsom Expands Drought Declaration To Include Third of California
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