RIM announces $518 million net loss, 5000 job cuts as part of Q1 earnings
As part of the earnings call report, RIM CEO Thorsten Heins has just announced a net loss of $518 million. For the first quarter of the 2013 fiscal year , the company has brought in 33% lesser revenue from the previous quarter accounting for $2.8 billion.
The company will also be cutting 5000 jobs as part of its restructuring efforts. Shipments for the last quarter totaled 7.8 million with an additional 260,000 units of the PlayBook being sold. The company has warned investors to expect the next several quarters to be challenging owing to the ‘increasingly competitive environment’.