| RIM profit climbs but misses expectations |
| News - Financial News |
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Research in Motion posted a fiscal fourth-quarter profit and revenue that missed Wall Street expectations, but the BlackBerry maker's forecast for the current quarter easily topped analysts' estimates.
Shares of RIM (RIMM) plunged 5% in after-hours trading after the company reported a profit of $710.1 million, or $1.27 per share. Net income rose 37% compared with a year earlier, but analysts polled by Thomson Reuters were looking for earnings of $1.28 per share. The Canadian company said it shipped 10.5 million devices during the quarter, driving sales up 18% to $4.08 billion compared with a year earlier, but the figure was below analysts' estimates of $4.31 billion. For the current quarter, RIM said it expects to earn between $1.31 and $1.38 per share, above analyst's outlook of $1.23. For the three months ended May 29, the company forecast revenue between $4.25 billion and $4.45 billion. Analysts are looking for $4.33 billion. For the year ended Feb. 27, RIM reported a profit of $2.46 billion, or $4.31 per share, on revenue of $14.95 billion
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