Research In Motion has just reported their results for the first quarter of the 2013 fiscal year. We kind of knew what to expect after a business update was issued only a month ago, but it will be interesting to hear what RIM CEO Thorstein Heins has to say during the conference call. The CORE (cost optimization and resource efficiency) program still aims to save $1 billion by the end of fiscal 2013. RIM has faced a few challenges over the last few months but we're hoping that things pick up speed as we head toward the releae of BlackBerry 10. It's noted here that it's still "our number one priority" however the updated release date for BB10 devices is now Q1 of 2013.
You can check out our full coverage and follow along with our live podcast and webcastduring the call. Be sure to stick around after to hear our thoughts on it all. We'll be following up shortly with a breakdown of just what it all means, so be sure to check back later.
Research In Motion Reports First Quarter Fiscal 2013 Results
WATERLOO, ONTARIO--(Marketwire - June 28, 2012) - Research In Motion Limited (RIM) (NASDAQ:RIMM)(TSX:RIM), a world leader in the mobile communications market, today reported first quarter results for the three months ended June 2, 2012 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).
- Cash, cash equivalents, short-term and long-term investments increased to $2.2 billion at the end of the first quarter
- Cash flow from operations was approximately $710 million in the first quarter
- Revenue of $2.8 billion in Q1, down 33% from $4.2 billion in the prior quarter
- GAAP net loss in Q1 of $518 million or $0.99 per share diluted; adjusted net loss of $192 million or $0.37 per share diluted
- Shipments of BlackBerry smartphones were 7.8 million and shipments of BlackBerry PlayBook tablets were approximately 260,000
- BlackBerry 10 smartphone launch now scheduled for Q1 of calendar 2013
- Restructuring efforts underway that will include a workforce reduction of approximately 5,000 employees as part of RIM's efforts to realize over $1 billion in cost savings, based on RIM's Q4 FY2012 run rate
- Launched World Tour BlackBerry Jam developer sessions in 23 countries resulting in strong adoption and support by application and developer partners for BlackBerry 10 platform
- BlackBerry App World continues to grow with over 89,000 applications available
- The overall BlackBerry subscriber base continued to grow, and the subscriber base grew in all regions except for North America
- RIM names Steve Zipperstein, former General Counsel of Verizon Wireless, as Chief Legal Officer