Research in Motion (RIMM) gets crushed

Shares of Research in Motion Ltd. (NASDAQ: RIMM) are getting pummeled in after-hours trading after the maker of the no-longer edgy BlackBerry reported disappointing results and gave lackluster guidance.

Net income at the Ontario-based company in the fiscal first quarter rose to $482.5 million,or 84 cents per share, versus $223.2 million, or 32 cents per share, a year earlier. Revenue soared 107% to $2.24 billion as the company shipped about 5.4 million devices. Though these results were impressive, they were not good enough for Wall Street.

Analysts surveyed by Bloomberg News were expecting RIM to report earnings of 85 cents on revenue of $2.27 billion. Moreover, the company forecast second quarter profit of between 84 and 89 cents per share, missing the Bloomberg estimate of 92 cents. The revenue forecast of $2.55 billion to $2.66 billion, however, is slightly better than the $2.44 billion analysts had expected.

The problem that RIM has is that it's not Apple Inc. (NASDAQ: AAPL), which is now trying to lure more corporate customers with the latest version of the iPhone. In baseball terms, RIMM is like the New York Mets, a once mighty team that has fallen on hard times. Apple, on the other hand, is the high-tech world's equivalent of the Boston Red Sox, a once lowly team that now dominates the league.

Picture that the RIM team and the Apple team are playing each other in a real baseball game. RIM is trailing Apple in the bottom of the ninth, the bases are loaded with two outs. RIM management is trying to convince investors that it can hit a home run in this situation, while Wall Street is sure the company will strike out.

RIMM shares are down over 8.5% in after-hours trading to about $130. It closed at $142.336.

Here is Research in Motion earnings transcript.