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RIM returns to profit, sales still down 36%
2013-03-28 12:23:00| Telecompaper Headlines
(Telecompaper) Research In Motion reported a small improvement in results for its fiscal fourth quarter to 02 March, but has yet to see any major impact from the launch of BlackBerry 10. The annual decline in revenues slowed to 36 percent, from 47 percent in the previous quarter, for a total USD 2.7 billion. Shipments continued to decline, to 6 million Blackberry smartphones from 6.9 million in fiscal Q3, while sales of the PlayBook tablet rose to 370,000 from 255,000 in the previous quarter. RIM narrowed the operating loss to USD 18 million from USD 180 million a year earlier, as its gross margin improved to 40.1 percent from 33.5. The net result moved to a profit of USD 98 million or USD 0.19 per share, from a loss of USD 125 million or 24 cents a share a year ago. RIM said it is increasing marketing spending by 50 percent in fiscal Q1 compared to the previous quarter on the roll-out of the new BlackBerry Z10. This should be offset by the reduced operating cost base, more efficient supply chain and higher hardware margins, helping the company approach breakeven in the quarter, it said. RIM finished the year with USD 2.9 billion in cash, after operating cash flow of USD 219 million in Q4. The company also announced that co-founder and former CEO Mike Lazaridis is stepping down from the board from May, in order to work on his new venture Quantum Valley Investments.
Tags: sales
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Category:Telecommunications
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