RIM (RIMM) Faces the Music: Will Sell One of Its Corporate Jets
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Research In Motion (Nasdaq: RIMM) is really making an effort to trim expenses, making some tough calls in the process. Actually, the following really does underscore the difficulty RIM is currently facing in the wake of massive smartphone market share losses.
According to reports out Tuesday, one of those cuts will be a corporate jet.
Bloomberg reports that RIM is looking to off its Dassault Aviation SA F50EX nine-seat aircraft. Keep in mind RIM will still have another private jet in a Dassault F900EX, which squeezes in 14 passengers.
The company is looking to off its jet for $6 million to $7 million. Operating costs typically run about $2.1 million on an annual basis.
RIM is undertaking the sale to cut costs of up to $1 billion over the next year.
Other initiatives in RIMs quiver include trimming its workforce by 5,000 as well as divesting a number of manufacturing sites.
Shares of RIM are indicated over 1 percent higher in early trading Tuesday.
According to reports out Tuesday, one of those cuts will be a corporate jet.
Bloomberg reports that RIM is looking to off its Dassault Aviation SA F50EX nine-seat aircraft. Keep in mind RIM will still have another private jet in a Dassault F900EX, which squeezes in 14 passengers.
The company is looking to off its jet for $6 million to $7 million. Operating costs typically run about $2.1 million on an annual basis.
RIM is undertaking the sale to cut costs of up to $1 billion over the next year.
Other initiatives in RIMs quiver include trimming its workforce by 5,000 as well as divesting a number of manufacturing sites.
Shares of RIM are indicated over 1 percent higher in early trading Tuesday.
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