More on Research In Motion's FQ1: The company says it will cut 5K jobs by the end of FY13 as...

|By:, SA News Editor

More on Research In Motion's FQ1: The company says it will cut 5K jobs by the end of FY13 as part of its restructuring efforts - nearly a third of its workforce, and far more than the 2K-3K many were expecting. Restructuring charges of $350M are expected for FY13. FQ1 gross margin was a mere 28%, down 540 bps Q/Q and 1590 bps Y/Y. Inventories were nearly unchanged Q/Q at $1.02B, in spite of a 33% revenue drop. This suggests another write-down is on the way. RIMM still halted. (PR)