Research in Motion released its first quarter results today, and... well, they don't look good. The company reported a 33 percent loss of revenue from 2012's $4.2 billion dollar fourth quarter to this $2.8 billion first financial quarter. In Q1's three months ending June 2, the company suffered a $518 million dollar net loss—basically hemorrhaging money.

In the quarter prior, RIM withstood a net loss of $125 million, or 24 cents per share diluted, according to TechCrunch. (Bloomberg reports the company lost 37 cents a share).

Sure, it's no surprise that Blackberry wasn't doing well, but that it tumbled so heavily in just one quarter will surely make it harder for the company to stay afloat (as of this writing RIM was down 17 percent in after-hours trading.) Earlier today, before all this bad news dropped, the Financial Post wrote: “RIM chief executive Thorsten Heins warned of the loss in his May business update. Analysts have since chimed in on just how bad they think it could be. Some estimate a loss as low as a couple of pennies per share, while others believe the loss could be as much as 14 cents per share.” They were sadly off-base.

The company had another set of sad announcements beyond pure dollar signs. RIM will set back the release of the Blackberry 10 from sometime this year to Q1 2013. In addition, the company said it will restructure in an effort to save $1 billion over the next four quarters... by laying off 5,000 employees.

The company said it sold 7.8 million BlackBerrys and 260,000 PlayBook tablets in its last fiscal quarter. “A year earlier, RIM shipped 13.2 million BlackBerrys and 500,000 PlayBooks,” Bloomberg reported. In last year's third quarter (after November 2011), RIM had fallen to nine percent of the smartphone market, while iOS and Android ate up the business-centered smartphone maker's profits.

In a bit of good news, RIM said its subscriber base continued to grow last quarter in all markets except North America. Its app store also continued to grow.

So where to go from here? “With BlackBerry 10 delayed until the first quarter of next year, CES 2013 will be make-or-break for RIM,” Ars contributor Matt Braga tweeted. Although with all the restructuring these losses are forcing, it's very unlikely the company will ever return to what it was at the height of the Blackberry.