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RIM blows earnings, investors punish shares

Sep 24, 2009 Object

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Research in Motion, (RIMM) the maker of the popular BlackBerry device, earned a Bronx cheer from investors Thursday after the company announced second quarter earnings that fell short of Wall Street expectations. Also disconcerting: the company issued a revenue forecast for the current quarter below what analysts had anticipated.

RIM shares hit free-fall seconds after the announcement, plunging nearly 10 percent in after-hours trading. The company’s poor showing is a slap in the face of Wall Street analysts who had been raising their RIM projections for last quarter and the current period amid growing buzz across the hand-held sector over the summer.

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