Research In Motion Beats Estimates, Increases Revenue by 16.5%

Research In Motion

has announced a second quarter EPS of $-0.27 versus $-0.47, a sign that the company might have begun to turn things around as it reduces its losses. The company reported revenues of $2.9 billion, beating the $2.49 billion estimate by 16.5 percent.

The company also sold 7.4 million smartphones versus the 6.9 million units that analysts were expecting. However, Research In Motion sold only 130,000 tablets -- far below the 217,000 units that analysts were anticipating. Investors have responded favorably to the news. In after hours trading, Research In Motion is up roughly two percent. In addition to its earnings, Research In Motion announced that its subscriber base has reached 80 million users worldwide.