Despite the inventory adjustments, RIM still grew earnings by 27% and their market share remains impressive.

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She changed her estimates due to slower demand and inventory adjustments ahead of September product launches and believes the June quarter could be the trough with new iPhones and iPads helping regain momemtum.

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Pre-tax profits (with inventory and capital consumption adjustments) declined at a 9.2% annual rate in Q2 and are down 7% since last year, the worst since 2001.

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Tax expenditures include the inventory of Tax-Exempt Income, Adjustments to Income, Itemized Deductions, and Tax Credits (refundable and nonrefundable).

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But FedEx also said it was delaying the delivery of 11 777 aircraft given adjustments to its network, particularly in Asia, in response to recent inventory destocking trends.

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In addition, since inventory migration reflects the popularity of our rent and return anywhere capability, we have made adjustments in our field processes to minimize the impact of higher levels of migration on overall rentals.

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