NEW YORK – Research In Motion Ltd., the maker of the BlackBerry, on Thursday cut its sales and earnings forecasts for the current quarter, saying it's shipping fewer and cheaper phones than it had expected.
The stock was down $5.09, or 9 percent, to $51.50 in extended trading.
It's the second hit for the stock in just over a month. When reporting earnings for the previous quarter on March 24, the Waterloo, Ontario, company disappointed investors by saying it expects earnings of $1.47 to $1.55 per share for the current quarter, below analyst expectations at the time.
On Thursday, it lowered that range to $1.30 to $1.37 per share. It also said the number of BlackBerrys shipped will be toward the lower end of the previously forecast range of 13.5 million to 14.5 million. It reports its fiscal first-quarter results in June.
It expects revenue to come in below the $5.2 billion to $5.6 billion range it had given on March 24.
RIM still expects a comeback in the second half of its fiscal year, thanks to new phones and "cost management." It's sticking to its full-year earnings forecast of $7.50 per share.
RIM said shipments of the PlayBook, its first tablet, are in line with expectations. The tablet went on sale recently, to mixed reviews.
RIM slashed its outlook a week after rival Apple Inc. reported a blowout quarter, with a record 18.65 million iPhones shipped.
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