Research in Motion (RIMM) and third quarter profits

Research in Motion (RIMM) the manufacturer of the much loved BlackBerry device cut its estimates of fiscal third-quarter earnings and sales. However Co-chief executive of RIMM Jim Balsillie said that the initial sales of the latest BlackBerry devices have been very positive.

The latest BlackBerry’s are the BlackBerry Pearl, BlackBerry Bold and Curve, plus the newest of them all the BlackBerry Storm, RIM’s first touchscreen smartphone.

The estimated net income for RIMM shares is US$0.67 to US$0.71 a share. Previously they were priced at US$89 to US$0.97. The newly adjusted earnings are priced at US$81 to US$ 83. But Research in Motions expected revenue is down from its previous view of $2.95 billion to $3.1 billion now standing at $2.75 billion to $2.78 billion. However the new estimated revenue is above the figure for the same period last year of around 65 percent.

Source: Marketwatch

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