New BlackBerry Smartphones Drive RIM Revenue 84% Higher

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New BlackBerry Smartphones Drive RIM Revenue 84% Higher

5:50 am on April 3, 2009 | Category: Business, Mobile Devices, Cell Phones

Strong sales of the BlackBerry Bold and BlackBerry Storm devices caused Research In Motion to exceed estimates in its fiscal fourth quarter (Dec. 1 – Feb 28).

The company posted a profit of $518 million, up from $412 million in the same period a year earlier. Overall revenue increased an astonishing 84% to $3.46 billion, as RIM shipped 7.8 million BlackBerry devices and added 3.9 million new wireless email subscribers.

“RIM experienced an extraordinary year in fiscal 2009, shipping our 50 millionth BlackBerry smartphone and generating $11 billion in revenue,” commented the company’s co-CEO Jim Balsillie. “Looking ahead into fiscal 2010, we see exceptional opportunities for RIM and its partners to leverage the investments and success of the past year to continue growing market share and profitability.”

Research In Motion, which now serves some 25 million BlackBerry subscribers, is making inroads into the consumer smartphone market, which now accounts for over 40% of its customer base. This move has put RIM in competition with Apple’s popular iPhone device, prompting the company to launch its very own mobile software store, allowing BlackBerry users to browse, buy, and install a wide range of applications on the go.

The strong financial results caused RIM to jump $3.29, or 5.7% on the Toronto Stock Exchange yesterday, to close at $60.99/share.