WATERLOO, Ontario—Shares of BlackBerry maker Research In Motion Ltd. stumbled after the company warned its revenues next year would be lower than what Wall Street expected.
RIM management said the company expects to make between $375 million and $425 million next year, lower than an analyst consensus of $438 million. The company’s stock dropped about 10 percent after the news to $21.29 per share.
RIM reported revenue of $66 million for the fourth quarter, down from the $71 million the company earned in the previous quarter. Net loss for the quarter was $8.6 million, up from the $6.3 million in the previous quarter. RIM reported 32,000 new subscribers for a total of 321,000. The company ended the quarter with cash and cash equivalents of $645 million.
