Research in Motion (RIM) has experienced difficulties in its attempts to generate consumer enthusiasm and sales for its PlayBook tablet computer since the device's debut. According to Reuters, these issues persisted when it took a $360 million after-tax writedown for a promotional discount on the device that failed to meet expectations.
The news source reports that third-quarter PlayBook sales came in at 150,000 units, a shortfall from the second quarter's total of 200,000. As a result of these problems, RIM shares dropped 3.7 percent on December 2, continuing the stock's 65 percent dive over the course of 2011.
Geoff Blaber, an analyst with CCS Insight, stated that this continues RIM's trend of disappointing returns for the device.
"RIM is continuing to suffer from its PlayBook endeavors," Blaber said, according to the news provider. "It hurt RIM initially by diverting focus but muted demand is now becoming clearly visible in the financials."
The company announced it will most likely fail to meet its current forecast for full-year adjusted earnings from the smartphone and smartphone accessories market, due to the PlayBook's failures and the October service interruption of text messaging and email services for millions of BlackBerry users.
Additionally, The Associated Press reported that investment bank Sterne Agee downgraded RIM's stock to a "neutral" rating at the beginning of this week.