RIM investors hold on tight

Shares of Research In Motion are taking another hit Friday.

The share price dropped more than 22% in early trading a day after the Blackberry maker reported lower profits and sales.

RIM shares opened at $22.58, down almost seven dollars.

RIM blames a profit plunge of almost 60% from the same time last year on the expenses involved with the cutting of 2,000 jobs.

And the company sold far fewer Blackberry smartphones and playbooks than expected in the quarter.

RIM says updated Blackberry Bold, Torch and Curve phones only had a few weeks of sales before the second quarter ended in August.

RIM management had twice revised its earnings expectations lower, but the results still didn’t meet even those changes.

RIM says revenue for the second quarter was $4.2 billion.

Analysts were expecting about $4.5 billion.

The company profit for the quarter came in at $419 million or 80 cents a share.

Analysts had expected about 89 cents a share.