RIM’s first quarter results are in and things don’t look good.

[ad#Google Adsense 300×250 in story]According to the company’s results, net income for the quarter was $695 million, or $1.33 per share diluted, compared with net income of $934 million, or $1.78 per share diluted, in the prior quarter and net income of $769 million, or $1.38 per share diluted, in the same quarter last year.

“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 said it shipped 13.2 million BlackBerrys and 500,000 PlayBooks. Keep in mind that number is shipped, not sold. That means many of those products could be in the channel or sitting on store shelves somewhere.

The company also announced a “headcount reduction” to keep costs in line. RIM said the “realignment will be focused on taking out redundancies and a reallocation of resources to allow us to focus on the areas that offer the highest growth opportunities and align with RIM strategic objectives, such as accelerating new product introductions.”