Research In Motion's Blowout Quarterposted by MR WAVETHEORY at 9/29/2006 05:59:00 AM
Research in Motion Ltd (NASDAQ RIMM) had a blowout quarter and is up 20% (+15.91) at $101.97. If anything, it indicates that the push email market is still growing very fast. I wrote about Visto's $250 million venture capital financing ( "Google That! $250 million in Venture Capital for Visto!" ) and RIMM proves again that there is an extreme amount of investor enthusiasm for mobile email. MSN is saying that RIM smashed expectations for the quarter. Bloomberg also thinks the numbers were good. The earnings announcement was positive.
- The company reported net income of $120.1 million, or 61 cents, on sales of $560.6 million in last year's third quarter.
- Second-quarter net income increased to $140.8 million, or 74 cents a share, from $111.1 million, or 56 cents, a year earlier.
- Subscribers increased by 705,000 to 6.2 million.
- Research in Motion will add 800,000 new subscribers this quarter
- Earnings are estimated to be 90 to 97 cents this quarter.
There is euphoria back in tech land and everyone seems to be writing off the fact that RIM might have to restate earnings due to its options backdating investigations.