RIM has announced that they have released PlayBook operating system 2.0. The problem is that this update is too little, too late. PlayBook OS 2.0 finally gives the tablet integrated e-mail, which RIM has already been criticized for not having in the original release of the tablet.

Research In Motion Limited (TSE:RIM) has announced their third quarter earnings earlier today. RIM reported $265 million in earnings, which is 51 cents per share for the quarter. This is down 71% from $911 million during the same quarter a year ago. The reason for the drop is because of the $485 million hit RIM took due to unsold PlayBook tablets.

Research In Motion (NASDAQ:RIMM) will be taking a $485 million noncash charge in the fiscal third quarter after making down the value of their large PlayBook tablet inventory. RIM also needed to lower their project for earnings and revenue for the rest of the year. BlackBerry shipments are expected to fall in this quarter.

I’m still shocked that Research In Motion (TSE:RIM) did not include a native e-mail, contact, calendar, GPS, and BBM client on their tablet. These are basic functions that are available on the tablets of all their competitors. However I knew that RIM would be developing software updates in the future for the PlayBook.

Research In Motion Limited (TSE:RIM) has dropped the price of the BlackBerry PlayBook tablet for $199. The PlayBook tablet price started at $499 and then dropped it to $299 through a combination of credits and rebates. Yesterday RIM announced on Twitter that the price of the PlayBook has been dropped to $199 for a limited time.

Research In Motion Limited (TSE:RIM) has acquired JayCut. The company JayCut is best known for designing the online video editor software by the same name as the company. RIM plans on using JayCut’s technology to improve the video editing experience on the BlackBerry PlayBook tablet. [UberGizmo]

The BlackBerry PlayBook sales has fallen short of the expectations at Research In Motion Limited (TSE:RIM). The PlayBook is also being returned at a higher pace than the Motorola Xoom. According to a BGR source, the PlayBook sales missed internal sales targets by over 90%. The return rate of the Xoom is already at a high number of 7%. Given that the return rate of the PlayBook is even higher, that means almost one out of every 10 people that buy a PlayBook ends up returning it. [BGR]

RBC Capital Markets Managing Director Mike Abramsky is reporting that Research In Motion Limited (NASDAQ:RIMM) sold about 250,000 BlackBerry PlayBook tablets thus far. Abramsky and his staff is reporting these numbers based on channel checks. If these numbers are correct, then the PlayBook has outsold the Motorola Xoom. Abramsky believes that RIM will be able to move about 500,000 PlayBook devices in the first quarter and about 2 million units this year. [BGR]