News Summary: Disappointing results at RIM

The Associated Press

June 28, 2012 at 6:47 PM

In this Monday January 23, 2012, photo, an unidentified person walks past part of the Research in Motion (RIM) campus in Waterloo, Ontario. Struggling BlackBerry maker Research in Motion Ltd. revealed Thursday, June 28, 2012, that its business is crumbling faster than thought. The Canadian company posted worse results for its latest quarter than analysts had expected. It's cutting 5,000 jobs and delaying the launch of its new phone operating system, BlackBerry 10, on which it's pinning its hope for a comeback. (AP Photo/The Canadian Press, Chris Young)

BAD NEWS: BlackBerry maker Research in Motion Ltd. delivered several pieces of bad news to investors. It's cutting 5,000 jobs and delaying the launch of a new phone operating system.

THE BACKDROP: The company has already been struggling to compete with the iPhone and Android devices.

SIGNIFICANCE: The phone delay will make it even tougher to compete. RIM has pinned its hope on that system, BlackBerry 10, which is meant to offer the multimedia, Internet browsing and apps experience that customers now demand.

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News Summary: Disappointing results at RIM

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