RIM Plunges After Cutting Profit Forecast on BlackBerry Demand
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Research In Motion Ltd., facing intensifying competition from Apple Inc. and Google Inc., plunged in late trading after cutting profit forecasts on slower-than-expected demand for BlackBerry smartphones.
Profit this quarter will be $1.30 to $1.37 a share, Waterloo, Ontario-based RIM said today in a statement. The company last month forecast profit of $1.47 to $1.55 a share. Sales in the quarter ending May 28 will be “slightly below” the $5.2 billion to $5.6 billion the company had forecast.