Major Exec Shake-Up Rocks RIM As Earnings Fall Short
Research In Motion reported its fourth quarter fiscal earnings today and announced that former CEO Jim Balsillie has resigned from the company's board of directors. "As I complete my retirement from RIM, I'm grateful for this remarkable experience and for the opportunity to have worked with outstanding professionals who helped turn a Canadian idea into a global success," said Jim Balsillie. In addition to Balsillie's departure, David Yach will be retiring from his role as CTO Software, and Jim Rowan, COO, Global Operations, has decided to pursue other interests. The company reported quarterly revenue of $4.2 billion, which was down 19% from the previous quarter, on sales of 11.1 million BlackBerries, which was down 21% from the previous quarter. New CEO Thorsten Heins said, "I have assessed many aspects of RIM's business during my first 10 weeks as CEO. The Company has substantial strengths that can be further leveraged to improve our financial performance. I'm very excited about the prospects for the BlackBerry 10 platform, which is on track for the latter part of calendar 2012. Notwithstanding these strengths and opportunities, the business challenges we face over the next several quarters are significant and I am taking the necessary steps to address them. We are undertaking a comprehensive review of strategic opportunities including partnerships and joint ventures, licensing, and other ways to leverage RIM's assets and maximize value for our stakeholders."
LG's Mobile Business Gets a New CEO
LG today announced a handful of changes to its leadership that the company hopes will lead to stronger performance of its mobile phone business. The company named Hwang Jeong-hwan as president and CEO of LG Mobile Communications.
Sprint Falls to Become No. 4 US Carrier
Sprint reported its second quarter earnings today and the numbers reveal it has fallen behind competitor T-Mobile in the total number of customers. T-Mobile, which gained a total of 2 million new customers during the second quarter, reported a total customer base on 58.9 million.
BlackBerry to Kill Off Smartphone-Making Business
BlackBerry today said it will no longer make and sell its own smartphones. Instead, it will rely on original device manufacturers to design and make devices that will carry BlackBerry branding and software.
Lenovo to Slash 3,200 Jobs After Motorola Sales Slide
Lenovo today said it plans to reduce its headcount by as many as 3,200, or about 10%, as it looks to reduce expenses. The company reported earnings and said sales across its various business units dropped by 9% during the quarter.
LG Says New V Series Phone Coming Soon
LG today reported its second quarter earnings and took the opportunity to tease a forthcoming handset. LG's mobile business increased revenues 12% from the first quarter to $2.86 billion, but "somewhat slow" sales of its G5 flagship and the associated marketing costs led the unit to a loss of $132 million.
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