Updated with Friday's premarket stock prices.

WATERLOO, Ont. (

TheStreet

) --

Research In Motion

(RIMM)

fell in premarket trading Friday after tumbling after hours Thursday after it missed on sales with its latest results and offered a dimmer-than-expected outlook.

The BlackBerry maker posted adjusted earnings, excluding one-time items, of $1.03 a share for its fiscal second quarter, up from 86 cents a share in the same period a year earlier, and slightly better than the $1 per share profit analysts were looking for.

But sales for the three months ended August 29 came in at $3.53 billion, up from the $2.58 billion level last year, yet below the $3.62 billion in sales analysts expected.

RIM also signed on 3.8 million net new BlackBerry subscribers in the quarter, less than the 4 million Wall Street was looking for. And while gross margins of 44.1% were better than the 43.5% expected, total phone shipments were only 8.3 million, just shy of the 8.4 million anticipated by analysts.

"We are pleased to report a strong second quarter with excellent financial performance, successful product launches and accelerating growth in international markets and new market segments," RIM Co-CEO Jim Balsillie said in a press release.

Looking ahead, RIM says it expects an adjusted profit for the fiscal third quarter of $1 to $1.08 per share, a range that surrounds the current $1.05 per share consensus estimate. RIM put its sales forecast for the quarter ending in November between $3.6 billion and $3.85 billion. The midpoint of that range is $3.72 billion, well below the $3.9 billion target analysts had for RIM.

RIM shares closed Thursday at $83.06, but fell around $73 in brisk after-hours trading. The stock has fallen further in premarket trading Friday to $72.60.

"People got far too giddy about this industry over the past three months," says MKM Partners analyst Tero Kuittinen in the wake of the report. "It's time to wake up."

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Written by Scott Moritz in New York.