In a surprise announcement late Tuesday, Research In Motion lowered its profit and revenue outlook for the third quarter, with Co-Chief Executive Jim Balsillie placing the blame on “product launch timing, general economic conditions and foreign exchange volatility.” The new numbers come in well below analyst forecasts. Instead of the midpoint of analyst expectations which Reuters reports ranged from $2.77 to $3.10 billion, RIM (NSDQ: RIMM) is now expecting third quarter revenue to fall between $2.75-$2.78 billion. Adjusted earnings are expected to be $0.81 to $0.83 per share, as opposed to RIM’s initial forecast of $0.89 to $0.97 per hare. Analysts were, on average, forecasting $0.89 per share excluding items, according to Reuters Estimates.

Subscriber forecasts were also pared down, with RIM now expecting to add 2.6 million accounts, 10 percent lower than its previous forecast of 2.9 million. Though RIM said that delayed product launches did hurt them, it also said the response to its long-awaited Blackberry Storm was “exceptional.” Despite mixed reviews, and a particularly caustic one from the New York Times (NYSE: NYT), RIM said it has “experienced particularly strong momentum in recent weeks,” which has rolled on into the fourth quarter, thanks to the device. RIM said the Storm’s first day of sales saw record net subscribers adds for the company, and that it has enjoyed a record number of weekly net new subscribers following the US release of the Storm. RIM reports third quarter earnings on December 18.