RIM posts losses of £145m in latest quarterly results


Share price rises as BlackBerry manufacturer announces loss of £145m for three months to the end of August

BlackBerry manufacturer RIM has announced a loss of $235 million (£145m) in its second quarter financial results, under half of the $514m (£316m) figure the firm was in defect in the first three months of the year.

During the three months to the end of August the firm sold 7.4 million BlackBerrys and 130,000 PlayBook tablets, increasing its subscriber base by 2m to 80m worldwide.

Its revenues for the period were $2.9bn (£1.79bn), up 2 per cent from the previous quarter, but down 31 per cent from $4.2bn (£2.59bn) in same period in 2011.

Share prices rose on the US NASDAQ exchange immediately after the announcement then settled to a two percent rise by the close of trading. The announcement came after trading had ended on its home exchange of Toronto, but financial news agency Reuters predicts after-hours trading will boost the price by 20 per cent.

Of the loss $136m (£83.8m) was attributed to restructuring costs over the last three months. RIM president and CEO Thorsten Heins said: “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.

“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.”