NEW YORK ( TheStreet) - Research in Motion (RIMM), which showed off a beta version of its next-generation BlackBerry smartphone earlier this week, reported its second-quarter results after market close.
The Waterloo, Ontario-based firm reported revenue of $2.9 billion, down from $4.2 billion in the prior year's quarter, but above analysts' estimate of $2.5 billion.
RIM posted an adjusted loss of 27 cents a share, down from earnings of 80 cents a share in the same period last year, but better than Wall Street's projected loss of 46 cents a share.RIM's BlackBerry subscriber base also increased to approximately 80 million. "Despite the significant changes we are implementing across the organization, our second quarter results demonstrate that RIM is progressing on its financial and operational commitments during this major transition," said RIM CEO Thorsten Heins, in a statement released after market close. The company's cash position, cited as a key metric by analysts, increased $100 million to $2.3 billion at the end of the quarter. RIM's shares rose nearly 20% in late trades to $8.54 on volume of more than 16 million, according to Nasdaq.com. Read on for more details: -- Written by James Rogers and Chris Ciaccia in New York. Follow @jamesjrogers >Contact by Email. Follow @Commodity_Bull >To submit a news tip, send an email to: firstname.lastname@example.org.