Thursday, June 28, 2007

RIMM Blows The Doors Off

Reaearch in Motion (RIMM) just reported and it's results have pushed the stock up 13%.

1.2 million new people activated a blackberry last quarter and RIMM shipped 2.4 million units. Earnings that had been estimated at the high end, $1.06 a share actually came in at $1.17 a share, a 74% jump over last year. The company also announced a 3 for 1 stock split effective August 20.

Revenue were estimated at $1.06 billion and came in at $1.082 billion vs $613 million last year. It look like initial result do not that many people holding off a new phone purchase for Apple's (AAPL) iPhone.

"We are starting fiscal 2008 with strong operating performance, including record revenue, earnings and subscriber results," said Jim Balsillie, Co-CEO at RIM. "After completing our first billion dollar quarter, we are now preparing to ship the 20 millionth BlackBerry handset this summer. This growth is a testament to our strong portfolio of products and services and our successful channel expansion. We look forward to the remainder of the year in which we anticipate continued growth within both North American and international markets."

A good product, priced reasonably and available on all carriers. A novel little idea.

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