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RIM lowers Q3 expectations
News - By: pdaBlast! Staff - December 03, 2008
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It looks like the current economic situation is hitting RIM where it hurts.
RIM has lowered their previous Q3 expectations.
Based on preliminary financial data, RIM expects revenue for the third quarter to be in the range of $2.75-$2.78 billion. Preliminary revenue is lower than the previously forecasted revenue range of $2.95-$3.10 billion but is approximately 65% higher than revenue in the same quarter of last year. Approximately one third of the difference between forecasted and preliminary revenue is expected to be a result of the depreciation of certain foreign currencies relative to the U.S. dollar in the quarter. The remaining difference is primarily due to lower than estimated unit shipments of existing products, which RIM believes is a reflection of general economic weakness in the United States and shifts in product launch dates within the quarter. Subject to final review, gross margin in the quarter is expected to be between 45-46%. The lower than expected gross margin is due primarily to product revenue mix and foreign exchange impacts within the quarter.
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