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RIM shares fall on outlook

CBC News

Posted: Mar 24, 2011 4:36 PM ET

Last Updated: Mar 24, 2011 5:04 PM ET

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Research In Motion, the maker of the BlackBerry Curve 3G, above, reported quarterly financial results Thursday. Research In Motion, the maker of the BlackBerry Curve 3G, above, reported quarterly financial results Thursday. Paul Sakuma/Associated Press

Shares in Waterloo, Ont.-based Research In Motion fell in after-hours trading Thursday as the BlackBerry maker's profit forecast disappointed investors.

RIM reported a 32 per cent increase in fourth-quarter earnings compared with the same period a year earlier.

It made $934 million US, or $1.78 US a share, on revenue of $5.6 billion.

Analysts had expected the firm to report earnings in the range of $1.74 to $1.76 a share and $5.6 billion in revenue.

RIM does its accounting in U.S. dollars.

While earnings were better than expected, the company's forecast for earnings and sales in the current period disappointed markets.

In extended hours trading, its shares lost 10 per cent, to $57.62 US.

The company predicted profits in the current quarter of $1.47 to $1.55 a share on revenues of $5.2 billion to $5.6 billion. The markets had been expecting about $1.65 per share and revenues of $5.6 billion.

The company reported a profit of $710 million, or $1.27 per share, on revenue of $4.08 billion in the same period last year.

RIM will enter the tablet market on April 19, when it launches its BlackBerry PlayBook at more than 20,000 retail outlets in the U.S. and Canada.

Subject: Post 2
(Posted on Mar 24, 2011 at 02:11PM )
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