Telecommunications Industry News
Research In Motion Financial Results Exceed Estimates5:55 am on April 3, 2008 | Category: Business, Corporate, Mobile Devices
Research In Motion Ltd., manufacturer of the popular BlackBerry device, posted higher-than-expected fourth-quarter financial results yesterday, as consumers continued to favour the company’s market-leading line of email smartphones.
RIM’s net profits reached $412.5 million, or $0.72 per share, for the three-month period ending on March 1, up from $187.4 million in the same period a year earlier. Analysts had predicted a profit of $0.70 per share.
Overall quarterly revenue, meanwhile, doubled to $1.88 billion, as consumer-focused smartphones like the BlackBerry Curve racked up sales during the Christmas shopping season.
“Rivals haven’t gained much headway,” commented Tavis McCourt, an analyst with Morgan Keegan & Co., advising clients to hang on to the stock. “To keep the growth rate where it is really requires perfect execution. That’s difficult to do.”
Research In Motion expects growth to continue through the current fiscal quarter, predicting profits of $0.82 to $0.86 on revenue of $2.3 billion for the three-month period ending on June 1.
RIM’s NASDAQ-listed stock surged more than 4% in extended trading yesterday after the company announced its fourth-quarter results and first-quarter outlook.
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Published by TeleClick Enterprises
Edited by Jeremy Maddock