Research in Motion (RIMM) higher in premarket following strong earnings

Posted by Michael on October 5th, 2007

Blackberry, RIMMShares of Research in Motion Ltd. (NASDAQ: RIMM) look to open strong this morning following last night’s strong second quarter earnings release. As we noted yesterday in our earnings preview, RIMM was expected to show investors earnings of 50 cents per share for its second quarter, and that is exactly what earnings turned out to be.

The maker of the popular Blackberry said that profit and revenue both doubled during the last period, driven by “strong product cycle we’re in the midst of, as well as the diversification of our user base across multiple geographies and multiple market segments.” Wall Street was also pleased to hear the company forecast that results are expected to be better than expected for the remainder of the year.

During the quarter the company was able to add an additional 1.45 million BlackBerry subscriber accounts while shipping out more than 3 million devices. As of the end of September the company has a BlackBerry subscriber account base of 10.5 million.

RIMM is currently trading up 4.2% in the premarket, up $4.13 to $104.67.

[Photo : dewitt]

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Posted in Before the Bell, Earnings
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