RIM Tastes New High

Updated from 7:43 a.m. EDT

Research In Motion(RIMM Quote) jumped nearly 20% Friday and was trading through a 52-week high a day after its third-quarter guidance blew past Wall Street's estimates.

RIMM's second quarter was also above expectations. In early Friday trading, the stock was soaring $17.20 to $103.26, putting it well above its best close of the past year at $90.53.

The Canada-based company reported a profit of $140.8 million, or 74 cents a share, up from last year's profit of $111.1 million, or 58 cents a share. Sales were up 34.4% to $658.5 million.

Excluding $4.3 million attributed to the cost of employee stock options, RIMM posted a profit of 77 cents a share.

Analysts polled by Thomson First Call were looking for a profit of 71 cents, including the cost of options, on revenue of $644.3 million.

The news completely overshadowed an earlier announcement that the maker of the popular BlackBerry email device has begun a voluntary probe of its stock-option practices and will restate years of earnings.

But it was the surprisingly robust guidance for the third quarter that propelled the stock. RIMM forecast a profit of 88 cents to 95 cents a share, including the cost of stock options, on sales ranging from $780 million to $820 million.

Wall Street was expecting a profit of 78 cents a share (on the same basis) on revenue of $700 million.

To view Robert Martorana's video take on RIMM results, click here.

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