Shareholders of Research in Motion (NASDAQ: RIMM) are certainly having a good afternoon, as the stock has surged over 20% in after hours trading following stronger than expected quarterly earnings.As Latif Lewis pointed out in this earnings preview, RIMM was expected to show earnings of 84 cents per share for its fiscal fourth quarter. This afternoon, the company shattered those estimates by posting earnings during the quarter of 90 cents per share.
Sales for the quarter were great for the company, with a reported $3.46 billion. We have been hearing a lot about the slowdown in consumer spending over the past year, but that has just not been the case for RIMM. On a year over year basis, sales jumped 84%, and compared to the previous quarter we see a nice increase of 24%. Not too bad in the current economic environment.
Not only did the company manage to easily outpace analyst estimates for its fourth quarter, it is also looking forward to a pretty nice first quarter. Looking ahead, the company is estimating that it will be earning somewhere in the range of 88 to 97 cents. This is much higher than the 83 to 89 cent range that Wall Street had been targeting.
All in all some really good news for the company, and it looks like Friday is going to be sweet to all you shareholders out there!
Top growth fund manager sours on Apple, U.S. tech
New Facebook share structure hints at IPO
Before the bell: Futures higher ahead of housing, jobless data
Reader Comments (Page 1 of 1)
4-02-2009 @ 6:30PM
Lawrence said...
I was surprised by the financial announcement, and it threw a monkey wrench in a prediction market I have running to try to predict the affect of the launch of App World on their stock price. Oh well, live and learn.