Research In Motion's 1Q profit jumps 20 percent

June 24, 2010

(AP) -- BlackBerry maker Research In Motion Ltd. posted a 20 percent jump in net income for the most recent quarter, but the company's revenue and subscriber growth disappointed investors.

The company's stock dropped $2.68, or 4.6 percent, to $55.90 in extended trading Thursday after closing down 1.8 percent before the release of results.

The Canadian company said its was $768.9 million, or $1.38 per share, in the fiscal first quarter, which ended May 29. That's up from $643 million, or $1.12 per share, a year earlier. Analysts surveyed by Thomson Reuters expected $1.34 per share.

Revenue rose 24 percent to $4.24 billion, short of the $4.35 billion expected by analysts. Revenue was also below the company's projection of $4.25 billion to $4.45 billion.

RIM said shipments climbed 43 percent from the same quarter a year ago to 11.2 million. But it added only 4.9 million to its overall subscriber base during the quarter, the low end of the company's forecast for 4.9 million to 5.2 million.

The company also says its board has approved buying back up to 31 million of its shares.

For the quarter ending in August, it expects earnings of $1.33 to $1.40 per share, above analysts expectations.

It expects revenue of $4.4 billion to $4.6 billion. Analysts were looking for $4.5 billion.

Explore further: Amazon 1Q profit, revenue jump on strong sales

0 shares

Related Stories

RIM's 2Q profit falls on charges, outlook weak

September 24, 2009

(AP) -- BlackBerry maker Research In Motion Ltd. reported a drop in fiscal second-quarter profit Thursday because of charges for a patent settlement and said revenue for the current quarter will fall below Wall Street's ...

Qualcomm stock tumbles on cautious forecast

January 27, 2010

(AP) -- Qualcomm Inc., whose chips and other technologies are used in vast numbers of cell phones, sounded a cautious note on the economy on Wednesday, saying a "subdued" recovery forced it to slightly dial back expectations ...

Rackspace 1Q profit rises

May 3, 2010

(AP) -- Rackspace Hosting Inc. said Monday that its first-quarter profit rose as managed hosting revenue climbed.

IBM's profit rises 9 pct, revenue growth resumes

January 19, 2010

(AP) -- IBM Corp. said Tuesday that it managed a 9 percent increase in profit in the last quarter as the technology company's revenue grew for the first time in a year and a half.

Recommended for you

Google, EU dig in for long war

July 20, 2017

Google and the EU are gearing up for a battle that could last years, with the Silicon Valley behemoth facing a relentless challenge to its ambition to expand beyond search results.

Strengthening 3-D printed parts for real-world use

July 20, 2017

From aerospace and defense to digital dentistry and medical devices, 3-D printed parts are used in a variety of industries. Currently, 3-D printed parts are very fragile and only used in the prototyping phase of materials ...

Swimming robot probes Fukushima reactor to find melted fuel

July 19, 2017

An underwater robot entered a badly damaged reactor at Japan's crippled Fukushima nuclear plant Wednesday, capturing images of the harsh impact of its meltdown, including key structures that were torn and knocked out of place.

Microsoft cloud to help Baidu self-driving car effort

July 19, 2017

Microsoft's cloud computing platform will be used outside China for collaboration by members of a self-driving car alliance formed by Chinese internet search giant Baidu, the companies announced on Tuesday.

Making lab equipment on the cheap

July 18, 2017

Laboratory equipment is one of the largest cost factors in neuroscience. However, many experiments can be performed with good results using self-assembled setups involving 3-D printed components and self-programmed electronics. ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.