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Smartphone maker Research in Motion (RIMM) reported mixed results for the first quarter of fiscal 2010 (year ends February 26, 2011). The share net of $1.38 the company posted in the period exceeded our estimate of $1.23 and the year-earlier tally of $0.98. However, revenues came in rather light. Indeed, the $4.24 billion top-line showing fell short of our $4.35 billion forecast. Consequently, RIMM shares traded lower on the news, as investors are concerned about the impact of competition from Apple's (AAPL) iPhone and Google's (GOOG) Android platform. The market may also be uncertain about the relative success of RIMM's upcoming new product cycle, which includes two high-end devices set to launch in the current quarter.

RIMM’s BlackBerry products continue to lose market share, and the latest negative report cannot have come at a worse time. Indeed, earnings were released almost simultaneous with the global launch of the iPhone 4. And only days earlier, Verizon (VZ) and Motorola (MOT) introduced the latest entrant into the fierce smartphone war, Droid X.