New York (NY) - Blackberry maker Research in Motion reported a 72% increase in quarterly profits, but its stock slid 19% in Thursday after hours trading. The company earned $495 million which is up from $287 million a year ago. Sales revenue for the quarter was $2.58 billion.
Chief executive James Balsillie told analysts that the high production costs of the BlackBerry Bold and other “unannounced” 3G phones would lower earnings. He added that current quarter results will be lower than analyst expectations.
The stock closed at $97.53, but fell to below $79 in after hours trading. As of 11:24 AM Pacific, RIM has slid even further to $71.10 a share.
Read more ... New York Times
Chief executive James Balsillie told analysts that the high production costs of the BlackBerry Bold and other “unannounced” 3G phones would lower earnings. He added that current quarter results will be lower than analyst expectations.
The stock closed at $97.53, but fell to below $79 in after hours trading. As of 11:24 AM Pacific, RIM has slid even further to $71.10 a share.
Read more ... New York Times