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RIM doubles revenue and profit, but disappoints Wall Street.(Financial report)
- Article from:
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RCR Wireless News
- Article date:
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June 30, 2008
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Copyright informationCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: PHIL CARSON
Research In Motion Ltd. doubled its fiscal first quarter revenue and net income over the year-ago quarter, sold 5.4 million devices and added 2.3 million new subscribers. RIM's fiscal first quarter ended May 31.
Not good enough for Wall Street, however.
The stock dipped nearly 8% in after-hours trading on Wednesday after the BlackBerry vendor's earnings missed Wall Street's consensus and its outlook also failed to excite investors. A day later the stock sank more than 12%.
RIM executives said that in the fiscal second quarter, ending Aug. 30, revenue is forecast in the range of $2.55 billion to $2.65 billion, with net subscriber additions ...