RIM released Q1 fiscal results today and the numbers aren't great. Q1 revenue is down 12% from the previous quarter, and they had to lower expectations for the year. RIM projects strong growth going forward in their press release, but who are they kidding? They haven't had a new piece of hardware in awhile and nothing has been announced yet. Meanwhile Apple and Google are growing like weeds.

“Fiscal 2012 has gotten off to a challenging start. The slowdown we saw in the first quarter is continuing into Q2, and delays in new product introductions into the very late part of August is leading to a lower than expected outlook in the second quarter.” said Jim Balsillie, Co-CEO at Research In Motion. “RIM’s business is profitable and remains solid overall with growing market share in numerous markets around the world and a strong balance sheet with almost $3 billion in cash. We believe that with the new products scheduled for launch in the next few months and realigning our cost structure, RIM will see strong profit growth in the latter part of fiscal 2012.”

RIM needs to make some major changes and FAST. They are on the long slow slide that Palm went on and unless they can figure out a way to compete head to head with Apple and Android, they're done. C'mon RIM, get that PlayBook OS on a phone and get cranking!

What do you think? Can RIM stay relevant with Apple coming on so strong? Let us know in the comments.