RIM lowers its financial forecast
Posted Apr 28, 2011 04:47:49 PM.
This article is more than 5 years old.
BlackBerry maker Research In Motion is lowering its financial guidance as the company copes with lower selling prices for its smartphones in a highly competitive market.
The Waterloo-based company says it’s revising its first-quarter financial guidance downward and now expects earnings per share to be in the range of $1.30 to $1.37 for the quarter. That’s lower than the range of US$1.47 to US $1.55 previously forecasted.
The company says revenue will be slightly below the range of US$5.2 billion to US$5.6 billion.
RIM says the revised estimates reflect lower-than-expected shipments of BlackBerry smartphones and average lower selling prices for the devices.
RIM shares were down around ten percent in after hours trading.
