Fill it to the RIM -- with FAIL

I’m following SAI’s liveblog of RIM’s quarterly report, and it ain’t pretty:

Here’s co-CEO Jim Balsillie’s canned quote from the release: “Fiscal 2012 has gotten off to a challenging start. The slowdown we saw in the first quarter is continuing into Q2, and delays in new product introductions into the very late part of August is leading to a lower than expected outlook in the second quarter.” said Jim Balsillie, Co-CEO at Research In Motion.

“RIM’s business is profitable and remains solid overall with growing market share in numerous markets around the world and a strong balance sheet with almost $3 billion in cash. We believe that with the new products scheduled for launch in the next few months and realigning our cost structure, RIM will see strong profit growth in the latter part of fiscal 2012.”

RIM’s business model has been undercut by iPhone and Android. iMessage, due out this fall with iOS 5 — plus Google’s inevitable copycat app — will undercut RIM even more.