Menu
RIM sells 50 millionth BlackBerry, stock price jumps

RIM sells 50 millionth BlackBerry, stock price jumps

Research In Motion (RIM) stock soared in after-market trading after the company posted solid financial results and said it sold its 50 millionth BlackBerry smartphone.

The company's fourth quarter, which ended on February 28, provided some relief to people who thought the recession had taken the wind out of the entire tech sector.

RIM reported record high revenue of US$3.46 billion in the quarter, up 84 percent compared to the same time last year, as it shipped 7.8 million devices, also a new high for the company. Net profit for the quarter rose to $518.3 million, up from $412.5 million last year.

RIM added 3.9 million new BlackBerry subscriber accounts.

The company's stock, which rose 7.6 percent to $49.09 during regular hours on the Nasdaq, soared another 23.4 percent in after-hours trading to $60.58.

RIM's results were reported after regular Nasdaq trading ended.

Analysts say the recession may actually help companies such as RIM due to its focus on smartphones, one of the hottest items of the year.

People may rein in purchases of big ticket items such as cars and expensive trips during a recession, but instead buy smaller items or devices for the home, such as LCD TVs, netbooks and other electronics.

A holiday-season survey by market researcher IDC in December found that most people planned to focus purchases on family and home for the holiday season, with half of respondents saying they would buy electronic devices before the end of the year.

RIM's fourth quarter included the holiday season, running from Nov. 30, 2008 through Feb. 28 of this year.

The company predicted a strong first quarter, with revenue expected in a range of $3.3 billion to $3.5 billion, and net subscriber account additions rising to between 3.7 million to 3.9 million.

For all of fiscal 2009, RIM's revenue rose 84 percent year-over-year to $11.07 billion, while its net profit increased to $1.89 billion from $1.29 billion. The company shipped 26 million devices for the year, up from 14 million a year earlier.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags RIMBlackberrywall streetinternational news

Events

Featured

Slideshows

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

This exclusive Reseller News Exchange event in Auckland explored the challenges facing the partner community on the cloud security frontier, as well as market trends, customer priorities and how the channel can capitalise on the opportunities available. In association with Arrow, Bitdefender, Exclusive Networks, Fortinet and Palo Alto Networks. Photos by Gino Demeer.

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security
Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomed 2019 inductees - Leanne Buer, Ross Jenkins and Terry Dunn - to the fourth running of the Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed the changing face of the IT channel ecosystem in New Zealand and what it means to be a Reseller News Hall of Fame inductee. Photos by Gino Demeer.

Reseller News welcomes industry figures at 2020 Hall of Fame lunch
Show Comments