Research in Motion Jumps on Q3 Results
Struggling Blackberry maker Research in Motion (NASDAQ: RIMM) released its fiscal third quarter earnings results after the closing bell on Thursday. Shares jumped more than eight percent in after-hours trading to $15.22 after climbing 3.60 percent during regular trading hours.
The company reported net income of $9 million or $0.02 per share, compared to $265 million or $0.51 per share, in the year ago period.
On an adjusted basis, which is comparable to analysts' consensus, Research in Motion reported a loss of $114 million or $0.22 per share. This was well ahead of Wall Street analysts' consensus earnings per share expectations of a loss of $0.35.
Sales in the period were $2.7 billion, a 47 percent decline versus the $5.2 billion the company reported last year. This also beat analysts' consensus revenue estimates of $2.66 billion.
Research in Motion said that it expects further pressure on operating results ahead of its launch of BlackBerry 10 in the fourth quarter. The company added that it anticipates it will report an operating loss in the fourth quarter. BlackBerry 10 is expected to launch on January 30, 2013 and will be critical to to the future of Research in Motion as a going concern.
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