RIM boosts profit 30% but misses target

Robert Clark
01 Apr 2010

Research in Motion (RIM) posted healthy increases in full-year revenue and profit Wednesday but its stock was marked down 5% after missing estimates.

The BlackBerry-maker announced full-year income of $2.46 billion, up 29.8%, on 35% higher sales of $14.95 billion.

Its quarterly profit of $710.1 million was up 37% over the same period last year.

Quarterly sales rose 18% to $4.08 billion, but were short of the company's forecast of between $4.2 billion and $4.4 billion. Analysts had estimated $4.31 billion, WSJ said.

Its Nasdaq stock fell 1.26% following the announcement and another 4.62% in after-hours trading to $70.55.

The company added 4.9 million new BlackBerry accounts in the quarter, taking the total to more than 41 million.

Co-CEO Jim Balsillie said the company expects “strong shipments, revenue, subscriber and earnings growth in Q1.”

“We are also very excited about our portfolio of products and services for the coming year and we continue to see exceptional opportunity for sustained growth.”

The company has forecast revenue for the current quarter, ending May 29, to be in $4.25 billion-4.45 billion range. It expects to add another 4.9-5.2 million new accounts in the quarter.

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