Blackberry Maker RIM Posts Strong 3Q, Lifting Shares |
| Wall Street Journal - Dec 18, 2009 |
Research In Motion Ltd. (RIMM) fought off increased competition in the smartphone market as the Blackberry maker reported third-quarter results that exceeded expectations for earnings, revenue, and subscriber growth.
The third-quarter results and strong fourth-quarter outlook sent its shares rising about 12% in after-hours trading on Nasdaq. The stock had fallen 26% since its September high amid concerns about increased competition from newly priced iPhones from Apple Inc. (AAPL) and Google Inc.'s (GOOG) Android phones.
Co-Chief Executive Jim Balsillie said in the company's press release that Research In Motion is "experiencing a great start to the holiday buying season," having posted record shipments of 10 million Blackberry smartphones in the third quarter. The company had guided for shipments of between 9.2 million and 9.9 million, and most analysts' estimates were in the mid-nine-million range.
Read Full Article from Wall Street Journal
- Posted: 2009-12-18 03:00:01
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