BlackBerry maker Research In Motion (RIM), which once dominated the market for smart phones, is rapidly losing its market share as Apple's iPhone and devices powered by Google's Android operating system batter the Canada-based technology giant.
Revenues of 4.9 billion dollars for the first fiscal quarter showed a rare decline from the previous quarter and fell well short of analysts' expectations.
Profit of 695 million dollars in the quarter dropped 10 percent from a year earlier.
Revenue for the second quarter is now expected to be in the range of 4.2 billion to 4.8 billion dollars, nearly a billion dollars below previous estimates.
"Fiscal 2012 has gotten off to a challenging start. The slowdown we saw in the first quarter is continuing into Q2," Globe and Mail quoted RIM co-chief executive Jim Balsillie, as saying.
Meanwhile, shares of RIM dropped about 14 per cent in after-hours trading after the company issued its latest results.
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