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BlackBerry maker posts big losses, to cut 5,000 jobs

TORONTO (AP) - Struggling BlackBerry maker Research in Motion is reporting worse results than analysts had expected for its latest quarter, and says it's cutting 5,000 jobs.
TORONTO (AP) - Struggling BlackBerry maker Research in Motion is reporting worse results than analysts had expected for its latest quarter, and says it's cutting 5,000 jobs.

It's also delaying the launch of its new phone operating system, BlackBerry 10, on which it's pinning its hope for a comeback.

Research in Motion Ltd. lost $518 million, or 99 cents a share, in the quarter that ended June 2. This compares with a profit of $695 million, or $1.33 per share, a year ago.

Excluding impairment charges, the latest loss was 37 cents per share. Analysts polled by FactSet were expecting a loss of 3 cents.

Revenue fell 43 percent to $2.8 billion, well below analyst expectations at $3.1 billion.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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