BlackBerry defies forecasts to post record profit
Defying market forecasts, BlackBerry maker Research In Motion (RIM) reported a record profit of $518.3 million on a total revenue of $3.46 billion for the last quarter of fiscal year 2009 ending Feb 28.india Updated: Apr 03, 2009 11:57 IST
Defying market forecasts, BlackBerry maker Research In Motion (RIM) on Thursday reported a record profit of $518.3 million on a total revenue of $3.46 billion for the last quarter of fiscal year 2009 ending Feb 28.
The revenue for the last quarter is 24.5 per cent more than the $2.78 billion for the third quarter and nearly 84 per cent more than the $1.88 billion earned during the same quarter last year.
The world leader in wireless communication has earned a total revenue of $11.07 billion for fiscal year 2009 which ended Feb 28 up 84 per cent from $6.01 billion last year.
RIM also shipped 7.8 million devices during the fourth quarter, taking the total for the whole fiscal year to about 26 million devices.
Overall, it has shipped more than 50 million devices to this date.
The Canadian company also added about 3.9 million new subscribers during the last quarter, taking its total subscription base to 25 million.
In a statement, RIM co-CEO Jim Balsillie said, "We are very pleased to report another record quarter with standout subscriber growth that speaks volumes about the early success and momentum of our new Blackberry products.
"RIM experienced an extraordinary year in fiscal 2009, shipping our 50 millionth BlackBerry smartphone and generating $11 billion in revenue.
"Looking ahead into fiscal 2010, we see exceptional opportunities for RIM and its partners to leverage the investments and success of the past year to continue growing market share and profitability."
RIM said it expected revenue in the range of $3.3 billion to $3.5 billion for the first quarter of the 2010 fiscal year ending May 30, 2009.
Shares of BlackBerry maker shot up 14 per cent on the Toronto Stock Exchange on Thursday after the report.
RIM shares, which have been hovering around of $45 since December, touched almost $60 on Thursday.