RIM Posts $235M Net Loss as Sales Slip
BlackBerry shares rose after hours today as investors were apparently encouraged by the Canadian company's less-than-expected loss.
The BlackBerry maker posted a a net loss of $235 million, or $0.45 a share, in its fiscal second quarter on revenue of $2.9 billion. In the same quarter last year, it reported net income of $329 million, or $0.63 a share, on revenue of $4.2 billion.
Analysts surveyed by Thomson Reuters had expected a loss of $0.46 a share.
RIM shares rose $1.59 (22.2%) to $8.73 in after-hours trading on Thursday.
The company says it shipped 7.4 million smartphones in the quarter, compared to 7.8 million in the first quarter and over 10 million in the same period last year. By contrast, smartphone market leader Apple Inc. (Nasdaq: AAPL) sold 5 million of its new iPhone 5 in its opening weekend. (See Apple Sells 5M iPhones in First Weekend.)
RIM is hoping that its upcoming BB10 smartphones will help to reverse the company's fortunes. The first BB10 devices are expected early in 2013.
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— Dan Jones, Site Editor, Light Reading Mobile