RIM's stock

TORONTO - Shares of Research In Motion (TSX:RIM) are taking a beating today as investors react to the BlackBerry-maker's dismal earnings results and another delay to its new smartphones.

Shares in RIM fell 14.5 per cent, or $1.37, to $8.09 in early trading on the Toronto Stock Exchange.

RIM stock tumbled almost 14 per cent in pre-market trading in New York this morning, losing US$1.24 to US$7.89.

The Waterloo, Ont.-based company also said it would lay off a third of its workforce — or about 5,000 employees — to contain costs as it pushes ahead with a complete revamp of the BlackBerry operating system.

The announcements came as a shock because the company had insisted it would release new phones by the end of this year.