Research In Motion Exceeds Expectations with Third-Quarter Financial Report

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Research In Motion Exceeds Expectations with Third-Quarter Financial Report

7:00 am on December 22, 2006 | Category: Business, Mobile Devices, Email, Corporate

Research In Motion reported a higher-than-expected third-quarter profit yesterday, forecasting an even stronger fourth quarter on strong demand for BlackBerry wireless email devices.

The handheld device maker earned a total of $176 million, or $0.93 per share in the three months ending on December 2. This compares to a profit of $120 million in the same period a year earlier.

RIM added a net total of 875,000 BlackBerry subscribers in the third quarter, bringing its overall subscriber base to around 7 million.

“New product launches during the past few months have exceeded our expectations and we look forward to continuing this momentum into the new year,” said RIM co-CEO, Jim Balsillie, noting that the company expected to add between 950,000 and 975,000 subscribers in the fourth quarter.

This news put Research In Motion’s stock price up more than 6% in after-hours trading on the NASDAQ yesterday, to hit highs of around $142.