RIM’s Profit Plunges 71%, Stock Tanks

RIM’s third-quarter earnings report once again disappointed investors.

The company’s earnings fell a staggering 71%, largely due to failed to move any units. RIM profited just $265 million, or only 51 cents per share, compared to $911 million, or nearly $2 per share, in the same quarter last year.

On the news, RIM’s stock tanked 6% to well below $14. RIM’s share price has fallen from a high of over $140 over the past couple of years.