BlackBerry maker RIM has delivered fourth quarter financial results every bit as bad as predicted, with the once-dominant business phone brand racking up $125m losses over the period and missing analyst projections for the fifth quarter in a row.
As a result, RIM has decided to cut its losses and focus purely on its bedrock of business users going forward, while former co-CEO Jim Balsillie has resigned from the firm's board of directors.
Recently appointed RIM boss Thorsten Heins, who took over when Balsillie and fellow former CEO Mike Lazaridis stepped down at the end of January, now has the unenviable task of figuring out how to turn the company's fortunes around after the worst quarter in its history.
It had all started so well. Just five or six years ago, RIM decided that BlackBerry was no longer the sole preserve of businesses - introducing consumer-friendly features such as cameras introducing 3G on its phones for the first time.
However, with iOS and Android having muscled in on its business phone market, and RIM unable to go toe-to-toe with its OS rivals in the consumer space, things quickly started to turn sour.
Heins now says RIM will ditch its consumer-focused approach and retreat back to its original base of providing services to business and enterprise. Several high-profile staff cuts have already been made, with more likely to follow, and RIM says it will no longer be issuing quarterly projections.
So what next for RIM? Rumours abound - but right now, the outlook isn't looking too rosy at all.
UPDATE: RIM has since contacted us directly to say that it's not abandoning the consumer market after all, but is simply looking to build on its traditional areas of strength.