In its fiscal second quarter, Research in Motion doubled last year's earnings and was in line with analysts' estimates. Big things were expected from the wireless device maker, as the market pushed RIMM up 4.4% in Thursday's trading, before the earnings were announced. The company reported a net income of $287.7 million ($0.50/share) versus the $140.2 million ($0.25/ share) it earned one year ago. Revenue jumped to $1.37 billion from $658.5 million last year. Forecasters expected $0.50/share and revenues of $1.36 billion. Around 1.45 million new subscribers were added, bringing the total to 10.5 million. "RIM's second quarter results were exceptionally strong on all metrics including revenue, subscriber account additions and net income," RIM co-Chief Executive Jim Balsillie said. "This growth is fueled by the depth of the BlackBerry product portfolio and the continued diversification of our business across market segments and geographies." RIMM offered guidance for its fiscal third quarter, predicting earnings between $0.59 - $0.63/share, higher than analysts' estimates. "We think that the space is growing a lot, this is the category leader -- new devices, new international coverage -- and the guidance is very, very good," Canaccord Adams analyst Peter Misek said after the numbers were released. Shares of RIMM were down 2.54% in pre-market trading Friday.
Sources: Press Release, MarketWatch, Bloomberg, Reuters
Commentary: Research in Motion Higher Ahead of Earnings; Touch Screen Blackberry Coming? • Analysts See Little Upside Left For Research In Motion Heading Into Earnings
Stocks/ETFs to watch: RIMM, Competitors: AAPL, PALM. ETFs: WMH, EWC
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