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Shares of Research in Motion lost 4 percent after hours Tuesday after the company reported revenues that weren't up to Wall Street's expectations.

RIM's pro forma earnings of 71 cents a share beat estimates of 65 cents, but revenues of $405 million were shy of $410 million forecasts. RIM's pro forma earnings excluded a charge for the company's $450 million payment to settle a patent dispute with NTP.

Without that charge and a tax gain, the company lost a penny a share in the quarter, or $2.6 million. RIM's forward guidance of $430-$455 million revenues also disappointed, coming in at the low end of analysts' estimates.

With investors already nervous about growing competition and a possible threat from Microsoft's new Windows Mobile release, RIM's quarterly report is likely to add to those fears.