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: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV