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Research In Motion Soars on Strong Report

Research In Motion shares jumped in extended trading on Thursday after the BlackBerry maker topped Wall Street's expectations for its fiscal second-quarter profit, and gave a bullish outlook for the third quarter.

NEW YORK (

TheStreet

) --

Research In Motion

(RIMM)

shares rose in extended trading on Thursday after the BlackBerry maker topped Wall Street's expectations for its fiscal second-quarter profit, and gave a bullish outlook for the third quarter.

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The stock was quoted up more than 8% in after-hours action at $50.23. It finished the regular session 2.1% higher at $46.49 with volume reaching 28 million, compared to the usual churn of 16.3 million. Factoring out the move in extended trades, the shares were down nearly 33% yaer-to-date.

For the second quarter ended August 28, Research In Motion reported earnings of $796.7 million, or $1.46 a share, up significantly from a year-ago profit of $475.6 million, or 83 cents a share. Revenue jumped 31% year-over-year to $4.62 billion as the company shipped a record 12.1 million smartphones in the three-month period, 45% more units than it did in last year's equivalent period.

The performance was comfortably ahead of the average estimate of analysts polled by

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Thomson Reuters

for a profit of $1.35 a share in the August period on revenue of $4.47 billion, and Research In Motion CEO Jim Basillie said he expects more of the same in the third quarter.

"We expect to see a continuation of this momentum in the third quarter as we extend the rollout of new products including the BlackBerry Torch into additional markets and benefit from heavy promotional activities and increasing customer demand as we head into the holiday season," Basillie said in a press release.

The company said it now sees earnings of $1.62 to $1.70 a share for the third quarter ending in November on revenue of between $5.30 billion and $5.55 billion. This view compares to current Wall Street expectations for a profit of $1.39 a share on revenue of $4.83 billion.

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Written by Michael Baron in New York.

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