RIM to Take $485 Million Q3 Loss

Vlad Savov:

RIM has just come out with a sobering statement ahead of its December 15th earnings report to tell the world that it'll be "recording a pre-tax provision" of $485 million in relation to unsold inventory of its BlackBerry PlayBook tablet. In simpler terms, that means the company is wiping nearly half a billion dollars off the value of its inventory, simply because it doesn't believe it can recoup it in sales. RIM reiterates that it has "a high level" of unsold PlayBooks in its warehouses and that it intends to continue an aggressive promotional push to get them out and returning at least some sort of revenue.

Thus confirming all of my issues with the Holiday Playbook push (and with RIM in general). Read the full RIM press release here.