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RIM sees profits climb ever higher, yet misses the mark

Updated 4 years ago

On a day when the business world is focused solely on Apple and the launch of its iPhone 4, RIM announced its quarterly results. Although it managed to pocket a handsome profit of $768.9 million, everything from revenue to subscribers to devices shipped missed the mark. Revenue, which was up 24% Y0Y at $4.24 billion or $1.38 per share diluted, fell short of the $4.32b analysts were expecting. The 4.9 million new subscribers RIM picked up also wasn’t good enough for the Street, which was looking to see 5 million additions. Handset sales also failed to meet expectations with 11.2 million sold. RIM is very optimistic about the current quarter — one which will see it “a range of exciting new BlackBerry products being released in the coming months” and “create significant opportunities to accelerate RIM’s growth in the second half of the fiscal year” — and is expecting it that  revenue come in at $4.4 to $4.6b while adding up to 5.2 million subscribers. EPS is targeted for $1.33 to $1.40.