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RIM share price nosedives following stinky numbers

PlayBook suffers fruity fondleslab smackdown

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Research In Motion's share price crashed quite spectacularly in the first hour and a half that the market was open in New York, dropping 20 per cent off its price.

The BlackBerry and PlayBook maker's shares are now trading at $23.46, down from $29.40 at the previous day's close, after it announced that its profits had nearly halved in the second quarter of the year.

Jim Balsillie, co-CEO at RIM, said in a statement that shipments of BlackBerry phones were slightly below forecast because demand for older models had fallen and that sales of the company's tablets were well below forecast, as it sold just 200,000 compared to 500,000 in the previous quarter.

Just for comparison, Apple sold 9.25 million fondleslabs in its most recent quarter, meaning it sent out more tablets each day in a three-month period than RIM did in a whole three months (although their quarters start and end at different times).

The poor results and rapidly sinking share price have led to speculation that the PlayBook may soon go the way of the HP Touchpad, sacrificed on the slabby altar of the Jobsian cult. ®

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