RIM tries to manage its decline as FY13 Q2 revenue drops 31% to $2.9 billion
Research in Motion (TSE:RIM) has announced its Q2 FY2013 results for the three months ending 1 September.
Revenue was down 31 percent year-on-year, to $2.9 billion.
Its net loss was $235 million, compared to a profit of $329 million 12 months ago.
However, this loss was better than $518 million it lost in Q1 FY13.
Shrinking
During the quarter RIM shipped 7.4 million phones and around 130,000 PlayBook tablets.
This is down from 7.8 million handsets and around 260,000 PlayBook tablets shipped during Q1.
Yet, interestingly, the global BlackBerry subscriber base grew slightly, up two million to 80 million.
Hard times
"Despite the significant changes we are implementing across the organisation, our second quarter results
demonstrate that RIM is progressing on its financial and operational commitments during this major
transition," said CEO Thorsten Heins.
"Subscribers grew to approximately 80 million global users, revenue grew sequentially from the first quarter, cash, cash equivalents, short-term and longterm investments increased by approximately $100 million to $2.3 billion, and carriers and developers are responding well to previews of our upcoming BlackBerry 10 platform."
Waiting for the turn
"Make no mistake about it, we understand that we have much more work to do, but we are making the organisational changes to drive improvements across the company, our employees are committed and motivated, and BlackBerry 10 is on track to launch in the first calendar quarter of 2013," Heins ended.
RIM said expects to experience an 'increasingly competitive environment, lower handset sales and increased marketing expenses' in the quarters before it releases its BlackBerry 10 hardware and software platform - expected in January 2013.