Research In Motion (RIMM) Sees a Q1 Loss, To Hire Advisors
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Research In Motion Limited (NASDAQ: RIMM) announced after the close Tuesday that it now sees a operating loss in the first quarter and also announced that they hired bankers to review options. The company cited continued challenges.
"The on-going competitive environment is impacting our business in the form of lower volumes and highly competitive pricing dynamics in the marketplace, and we expect our Q1 results to reflect this, and likely result in an operating loss for the quarter," CEO Thorsten Heins stated.
Wall Street was expecting the company to post EPS of $0.43.
The company engaged J.P. Morgan Securities LLC and RBC Capital Markets to assist the Company and the Board of Directors in reviewing RIM's business and financial performance. These advisors will evaluate the relative merits and feasibility of various financial strategies, including opportunities to leverage the BlackBerry platform through partnerships, licensing opportunities and strategic business model alternatives.
Shares of RIM were halted ahead of the news and will resume trading at 4:35PM ET.
"The on-going competitive environment is impacting our business in the form of lower volumes and highly competitive pricing dynamics in the marketplace, and we expect our Q1 results to reflect this, and likely result in an operating loss for the quarter," CEO Thorsten Heins stated.
Wall Street was expecting the company to post EPS of $0.43.
The company engaged J.P. Morgan Securities LLC and RBC Capital Markets to assist the Company and the Board of Directors in reviewing RIM's business and financial performance. These advisors will evaluate the relative merits and feasibility of various financial strategies, including opportunities to leverage the BlackBerry platform through partnerships, licensing opportunities and strategic business model alternatives.
Shares of RIM were halted ahead of the news and will resume trading at 4:35PM ET.
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