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The Research In Downward Stock Motion Continues As RIMM Misses Everything

Tyler Durden's picture


For any RIMM shareholders expecting a miraculous deus ex, somewhat like Europe's broker beggars who still are choosers, to come out of left field in today's earnings reports, there was nothing but epic disappointment.

  • Revenues came in at $2.81 billion on expectations of $3.1 billion, and down from $4.91 billion a year prior
  • EPS were $(0.37) on expectations of just a 7 cent miss.
  • The outlook is just as horrible, with RIMM announcing it expects a Q2 operating loss
  • It also see lower shipment volumes, and delayed the launch of Blackberry 10 to Q1 2013
  • Finally, the firm will cut 5,000 jobs

If the stock isn't moving much it is because it has been halted since pre announcement. It will reopen at 4:40pm, probably between 10 and 20% lower.

From the Outlook section in the press release:

The Company expects the next several quarters to continue to be very challenging for its business based on the increasing competitive environment, lower handset volumes, potential financial and other impacts from the delay of BlackBerry 10, pressure to reduce RIM's monthly infrastructure access fees, and the Company's plans to continue to aggressively drive sales of BlackBerry 7 handheld devices. The Company expects to report an operating loss in the second quarter of fiscal 2013, as RIM continues to invest in marketing programs and continues to work through the transition to BlackBerry 10, as well as the Company's fixed costs being allocated over a lower volume of shipments. This outlook excludes the impact of charges related to the CORE Program.

We do use the term outlook loosely: at this point we are not sure whose odds of being a viable going concern in 2013 are higher: Greece or the once proud Canadian corporate fixture.

We will post an after hours chart as soon as the stock is unhalted.

RIMM just opened at $7.5 from its $9 after-hours close before the halt - a mere 17% drop.

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Thu, 06/28/2012 - 16:33 | 2570943 SilverTree
SilverTree's picture

Any RIMM job openings left?

Thu, 06/28/2012 - 16:45 | 2571014 Mark Carney
Mark Carney's picture


-typed from my BB Torch

Thu, 06/28/2012 - 16:53 | 2571059 Max Fischer
Max Fischer's picture



The after-hours price doesn't matter because it's merely a digital representation of actual physical shares. In 2003, I bought RIMM at $120 and TOOK DELIVERY OF THE SHARES! 


Am I down?  Nope!  Have I lost money?  Nope!  Haven't sold!  Got the same number of equity shares in my safe today as I did last night.  No big deal.


Thu, 06/28/2012 - 17:09 | 2571125 css1971
css1971's picture

Gold never goes to zero.

Thu, 06/28/2012 - 17:15 | 2571161 nope-1004
nope-1004's picture

RIMM will, for sure.  They just released the upscaled $1250 phone for Porsche owners.  lol.  It doesn't surprise me, because the CEO was more interested in buying an NHL hockey team caring about customer needs.


Thu, 06/28/2012 - 17:18 | 2571169 old naughty
old naughty's picture

Another sad day for the maple leaves dominion.

Thu, 06/28/2012 - 17:13 | 2571154 Matt
Matt's picture

Are you serious, or is this a snipe at physical vs paper gold?

Thu, 06/28/2012 - 17:33 | 2571198 Max Fischer
Max Fischer's picture



Fuck yes, I'm serious.  Scottrade is for mainstream sheeple.  My shares are in my safe buried somewhere in North America, and that's all I'm sayin'.  Might have had a BOATING ACCIDENT.  CAN'T REMEMBER!!


Couple things I never joke about, boy....  guns, god, metal and paper.   


Sun, 07/01/2012 - 18:28 | 2579350 MeelionDollerBogus
MeelionDollerBogus's picture

ruh roh, raggy


Mon, 07/02/2012 - 18:30 | 2581978 akak
akak's picture

I miss your old byline:  "Max Fischer, Feces Mundi".

Or was that:  "Max Fischer, Uncivil Coatimundi"?

Thu, 06/28/2012 - 17:16 | 2571163 fourchan
fourchan's picture

lol dogshit is now spelled rimm

Thu, 06/28/2012 - 17:39 | 2571270 TheFourthStooge-ing
TheFourthStooge-ing's picture

Max said:

In 2003, I bought RIMM at $120 and TOOK DELIVERY OF THE SHARES!

What did it take to get Cede & Co. to send you the actual shares? Did they make you go through a lot of red tape?

Thu, 06/28/2012 - 18:58 | 2571461 Prometheus418
Prometheus418's picture

Alright Max, I have to admit that was pretty funny.  You're still a douche, but at least that one made me chuckle a little.


Thu, 06/28/2012 - 16:45 | 2571016 veyron
veyron's picture

I hear they are looking for a 'turnaround specialist'

Thu, 06/28/2012 - 17:17 | 2571167 bdc63
bdc63's picture

I just got a look at their turnaround plan ... I can't give away too much information, but I can leak this:  buy a Blackberry, get a Superman towels.  Remember, you heard it here first.  Rip you face off rally should commence tomorrow.

Thu, 06/28/2012 - 17:20 | 2571189 old naughty
old naughty's picture

What, they finally ran out of Spiderman towels?

Thu, 06/28/2012 - 17:40 | 2571273 robertocarlos
robertocarlos's picture

The market must be on drugs if it's ripping people's faces off. Remember, only dopes smoke dope.

Thu, 06/28/2012 - 17:24 | 2571142 Skateboarder
Skateboarder's picture

Janitors, to make empty some office spaces after the next round of layoffs.

EDIT: lol, I guess that time has already come.


Thu, 06/28/2012 - 17:44 | 2571281 whatsinaname
whatsinaname's picture

Race to the bottom - RIMM, NOK or the EUR ?

Thu, 06/28/2012 - 16:36 | 2570946 TruthInSunshine
TruthInSunshine's picture

And the original prototype of using child-slave labor in third world nations to produce 'products' that people in developed nations would kill and die for, Nike, isn't doing so hot, either.


Hmmm. Can Air Jordans be purchased on yo EBT?

Thu, 06/28/2012 - 16:40 | 2570964 hedgeless_horseman
hedgeless_horseman's picture



4/25/12 Short NKE

Their business model of shipping $150 shoes half-way around the world to people making $12/hr has topped.


Thu, 06/28/2012 - 16:43 | 2570987 TruthInSunshine
TruthInSunshine's picture

Nike Hyperdunk 2010


Bernanke blushes.

Thu, 06/28/2012 - 16:43 | 2571003 otto skorzeny
otto skorzeny's picture

combat boots look better

Thu, 06/28/2012 - 16:58 | 2571090 hack3434
hack3434's picture

ThEy AiNt GotZ nuThiNg on the Addidas shackle shoes http://multimedia.heraldinteractive.com/images/20120619/c0962a_adidas61912.jpg


Thu, 06/28/2012 - 17:42 | 2571276 otto skorzeny
otto skorzeny's picture

the value of those things must have skyrocketed if anyone could get ahold of them. FEMA is interested in them for their "basketball camps" but the shackles run from one shoe to the other to the ankle and are made out of steel chains

Thu, 06/28/2012 - 16:42 | 2570995 bdc63
bdc63's picture

If my 13 year old nephew's closet is any indication, NIKE should be doing just fine ...

Thu, 06/28/2012 - 16:35 | 2570953 otto skorzeny
otto skorzeny's picture

just die already

Thu, 06/28/2012 - 16:40 | 2570969 bdc63
bdc63's picture

Anybody still in RIMM deserves to get burned.  Andrea Bocelli could have seen this coming from a mile away ...

Thu, 06/28/2012 - 16:40 | 2570980 BeetleBailey
BeetleBailey's picture

Blackberry colored balls

Thu, 06/28/2012 - 16:40 | 2570982 humblepie
humblepie's picture

Give the dying man some respect.

Thu, 06/28/2012 - 16:47 | 2571028 XtraBullish
XtraBullish's picture

Goddam Yanks purposely torpedoed RIMM with naked shorting, false rumours and the JPMprgue manipulation crap. Nothing compares to the Crackberry in the space and after RIMM declares bankruptcy, there will be a great many investment bankers in rehab without those crackee's causing them to run into walls while walking and reading...

Thu, 06/28/2012 - 16:53 | 2571061 pods
pods's picture

So the only phone that actually is secure is going to go by the wayside?


Thu, 06/28/2012 - 22:21 | 2572040 A Nanny Moose
A Nanny Moose's picture

Beta vs. VHS all over again. Perhaps RIMM should embrace Teh Pr0n?

Thu, 06/28/2012 - 16:53 | 2571066 Hedgerow-
Hedgerow-'s picture

There was Nokia.

Then there was RIMM/BB.

They all went down to shit.


Now who would you guess is next?



Thu, 06/28/2012 - 16:55 | 2571077 Conman
Conman's picture

Dont forget palm. HP wwas stupid enough to buy them out. Dont think anyone will make the same mistake with blackberry.

Thu, 06/28/2012 - 19:02 | 2571466 Prometheus418
Prometheus418's picture

Samsung would be my guess.  

Thu, 06/28/2012 - 16:54 | 2571073 Sandmann
Sandmann's picture

Damn sight better BB predictive texting than IPhone which is a nightmare.

Thu, 06/28/2012 - 16:55 | 2571081 gjp
gjp's picture

Somehow managed to add to cash with all those losses ... mostly through liquidation of working capital, it appears.  In any case, working capital is now $3.4b and market cap is $3.8b at current levels.  78m subscribers, if they could just control spending on next gen ... don't see why a richer company with lots of cash and/or highly valued shares wouldn't take a run at this, either to get the subscribers on their platform or even just shut down spending and monetize.

I like piling on as much as the next guy but this one's pretty beaten up.  Totally dusted competitively, it's true, but the B/S is worth something close to what it's trading at now.

Thu, 06/28/2012 - 17:04 | 2571109 robertocarlos
robertocarlos's picture

Us German loving Obam hating Canadians are pulling our hair out today. I lost at least 3 times already today.

Thu, 06/28/2012 - 17:09 | 2571124 slewie the pi-rat
slewie the pi-rat's picture

i itried to ignore this shit, but my new blackberry sent the post anyhow,  BiCheZ!

Thu, 06/28/2012 - 17:12 | 2571149 robertocarlos
robertocarlos's picture

If I didn't buy it at 14 then I'm not going to buy it at 7.

Thu, 06/28/2012 - 17:09 | 2571128 ebworthen
ebworthen's picture

RIMM = clueless.

May as well buy a used typewriter at a garage sale with that $7.

Thu, 06/28/2012 - 17:10 | 2571133 The Axe
The Axe's picture

FORD     Down big too...business in Europe bad, very bad....very ,very bad

Thu, 06/28/2012 - 17:11 | 2571136 Ocean22
Ocean22's picture

i was a hard core bb lover, then i found iphone....haha .. I emailed RIM and told them what they needed to do to get me back...guess what?

Thu, 06/28/2012 - 17:12 | 2571143 monopoly
monopoly's picture

I guess all those who have black berrys will have to switch soon when they turn out the lights at RIMM> NKE, not a happy picture. But this is all company specific, buy stocks. What a crock of shit this market is.

Thu, 06/28/2012 - 17:19 | 2571177 Never One Roach
Never One Roach's picture
  • Finally, the firm will cut 5,000 jobs

Yes, finally.

Thu, 06/28/2012 - 17:21 | 2571195 billsykes
billsykes's picture

This is another Nortel.

their blackberry 10 phone is vapor ware because they will be BK by then. I wouldnt even short this stock, nobody is going to buy it.

Typical CEO(s) arogance in technology.  Nortel, nokia, motorola, sony, blockbuster, and on an on.


Here's to you Rimm, circling the rim, you stupid cocksuckers.




Thu, 06/28/2012 - 17:29 | 2571222 mjk0259
mjk0259's picture

Stupid? The founders and most of the early employees are already rich - very rich.

Thu, 06/28/2012 - 17:47 | 2571291 billsykes
billsykes's picture

in modern terms- where failure is winning and winning for founders or insiders is fucking over shareholders and their employees slaves. I agree with you, yes they did win. 


But what I was speaking to- actually building something, creating a proper succession plan, exiting the CEOs after a certain point (2004) and getting a new guy to take it to the next level so the company can innovate, stay competitive, create great jobs and make products people like.


Thu, 06/28/2012 - 17:52 | 2571299 mjk0259
mjk0259's picture

Over a 100 year period, almost every single company will go bankrupt or disappear usually leaving a pile of unpaid debts and maybe some toxic waste sites behind. The wealth a company creates consists primarily of the salaries and taxes they pay while alive and the skills employees learn that might be applied somewhere else and maybe some inventions.

RIMM declines. Apple rises. Doesn't really matter unless you work at one of those places or live in a town with a lot of their employees.


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