Research In Motion (RIM) Limited recently announced that their profit for this fiscal quarter had fallen below Wall Street analysts’ and their own forecasts, due to the economic crisis.

The Waterloo, Ontario-based company stated that their shares on the stock market only amounted to 83 cents a piece, even though their value had been expected to have risen to 97 cents during this quarter.

RIM also blamed their having fallen short of meeting forecasts on the decline of foreign currencies against the United States dollar, which according to the company, was responsible for approximately 30 percent of the different between actual results and predictions.

Moreover, RIM’s sales rose to $2.78 billion in the quarter, failing to amount to the previously expected $3.1 billion.
Jim Balsillie, co-chief executive officer for the company, said that having delayed the release of BlackBerry Bold, which was rolled out last month although it had been slated for launch during the summer, should also be factored in with regards to those disappointing results.

On December 2, Research In Motion went down by 6.2 percent ($2.48) in Nasdaq Stock Market trading, to $37.32, while their shares registered a decrease by 67 percent during this year.

Last quarter, RIM released their BlackBerry Storm and BlackBerry Bold models, trying to catch up with Apple Incorporated, which had taken the lead on the smartphone market with their iPhone 3G.

Nevertheless, the gadgets were not able to help the company regain lost market share, even though the number of United States subscribers went up at that time.