First quarter reports from Research In motion for the first three months ending May 31st reveal that revenue for the first quarter was $2.24 Billion, which is up 19 percent from $1.88 Billion over the previous quarter, while also up 107 percent from $1.08 Billion in the same quarter the previous year. (Oh don’t you just wish you could use the word Billion when speaking about your own finances?)

Anyway, back to the RIM Billions, during the quarter Research In Motion shipped out roughly 5.4 million mobile handsets along with approximately 2.3 million (Billion sounds so much better) new Blackberry subscriber accounts being added during the quarter.

By the quarter’s end, Research In Motion says the total BlackBerry mobile phone subscriber account base was in excess of 16 million.

CEO at Research In Motion, Jim Balsillie, said: “We are pleased to report another record quarter with revenue increasing 107% as the popularity of the BlackBerry platform continued to spread in business, government and consumer segments. Our comprehensive technology and business strategies continue to reap strong results in the market and RIM is well positioned to build on its momentum throughout the remainder of fiscal 2009.”

Balsikkie continued with: “As we prepare this summer to ship our 40 millionth BlackBerry smartphone, we continue to steadily scale our business and partnerships to support the opportunities ahead in this thriving sector.”

Even though these seemingly quite positive results, Research In Motion shares dropped over 10 percent in after market trading, why? Simply because the results actually fell just short of the analyst estimates.

Source — pocket-lint