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Research In Motion 4Q profit soarsPosted on Wed, Apr. 02, 2008
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By ROB GILLIESAssociated Press Writer
A Blackberry Pearl waves to passersby at the CTIA wireless show at the Las Vegas Convention Center on Wednesday, April 2, 2008 in Las Vegas. Research In Motion Ltd. says its fiscal fourth-quarter profit and sales more than doubled as the Blackberry maker boosted its subscriber base and shipped about 4.4 million of its smart phones.
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TORONTO -- Research In Motion Ltd. says its fiscal fourth-quarter profit and sales more than doubled as the BlackBerry maker boosted its subscriber base and shipped about 4.4 million of its smart phones.For the quarter ended March 1, the Canadian company earned $412.5 million, or 72 cents per share, up from a profit of $187.4 million, or 33 cents per share, in the same period a year earlier. Revenue more than doubled to $1.88 billion from $930 million. U.S.-traded shares in RIM rose $5.71, or 5 percent, to $121.50. in after-hours trading Wednesday after closing at $115.79. Analysts, on average, had expected a profit of 70 cents per share on sales of $1.86 billion, according to a poll by Thomson Financial. Research In Motion Ltd. says it added 2.2 million new subscriber accounts during the quarter, bringing its total to more than 14 million. Peter Misek, an analyst with Canaccord Adams, called it a "monster quarter" and said RIM has benefited from Apple's introduction of the iPhone, which brought attention to the smart phone market. "People are staring to realize, 'Why should I buy a Razr when I can buy a BlackBerry or an iPhone?' I think the iPhone was the single biggest blessing RIM ever had," Misek said. Misek said sales of the BlackBerry are accelerating. "It continues to take market share. They are the market leader," Misek said. Waterloo, Ontario- based RIM has been targeting the consumer market after enjoying success in the corporate market for years. RIM's push e-mail software allows customers to access their e-mail on their wireless devices in real time.
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