Still no joy in RIM results

Blackberry maker Research In Motion (RIM) has again reported poor quarterly results, with shipments falling short of expectations and profit dropping by more than 50% year-on-year.

10.6 million Blackberry smartphones and 200,000 PlayBook tablets were shipped during the quarter ended August 27, compared with analysts' estimates of 11.9 million and 700,000 respectively.

Profits were US$329 million, compared with US$729 million for the same period in 2010.

The results also reveal the company spent US$780 million in July purchasing the patent portfolio of bankrupt technology company Nortel, as part of a consortium including Apple and Sony.

Shares in RIM were understandably down, falling 18% to US$24.12.

RIM co-CEO Jim Balsillie remains optimistic, however, saying the company is seeing strong interest in the Blackberry 7 smartphone range, released late in the quarter.

"We will continue to build on the success of the Blackberry 7 launch to drive the business as we focus our development efforts on delivering the next generation QNX-based mobile platform next year," Balsillie says.