Research in Motion CEO Thorsten Heins told shareholders Tuesday that he is disappointed with the company's performance, but is hopeful that the Blackberry 10 will help put the company back on the right course. Heins spoke at a shareholder meeting in Waterloo, Ontario.
"I want to assure you, I am not satisfied with the performance of the company over the past year," Heins said.
With revenue down 43 percent in the first quarter to $2.8 billion, it's not surprising that Heins is not satisfied.
Last month the company announceda quarterly loss 37 cents a share and also revealed that the company planned to layoff 5,000 employees, a move that Heins said was necessary for restructuring.
RIM is working to cut down on levels of management across the company and is outsourcing repair operations and realigning marketing and sales, Heins said.
Despite recent turmoil though, Heins said he hopes that the release of the Blackberry 10, which is slated for release in the first quarter of 2013, will breath more life into the company.
“The past year has been very difficult to RIM as we make the change to this platform we call BlackBerry 10,” Heins said.
One reason RIM has struggled against competition like Apple and Samsung is because of Blackberry's lack of a touchscreen interface, Heins said.
In an effort to help capture some of the smartphone market in the U.S. and elsewhere, RIM is rolling out the touch interface on the Blackberry 10 first, before the company launches the new phone with a keyboard, Heins said.
The launch of Blackberry 10 will help the company compete in these markets, he said.
All ten of RIM's directors were re-elected to the board, but there was some clear tensions regarding the board's approval.
"While we received your majority support today, we understand it was not unanimous," Heins said.