TORONTO - Smart phone maker Research In Motion Ltd reported Wednesday that its fiscal first-quarter profit and revenue more than doubled, fueled by strong sales of its BlackBerry devices.
For the three months that ended May 31, the Canadian company said it earned $482.5 million, or 84 cents per share, up from $223.2 million, or 39 cents per share, in the same period a year earlier. All figures are in U.S. currency.
RIM said its revenue jumped to $2.24 billion from $1.08 billion a year earlier.
"We are pleased to report another record quarter with revenue increasing 107 percent as the popularity of the BlackBerry platform continued to spread in business, government and consumer segments," said RIM Co-chief Executive Officer Jim Balsillie during a press conference Wednesday afternoon.
The company said it added 2.3 million net new BlackBerry subscribers
in the quarter, six percent higher than in the fourth quarter, to bring the total to subscriber base to over 16 million.
RIM also shipped about 5.4 million devices in Q1.
"Our comprehensive technology and business strategies continue to reap strong results in the market, and RIM is well positioned to build on its momentum throughout the remainder of fiscal 2009."
RIM expects its revenue in the second quarter, which ends Aug. 31, to be in the range of $2.55 billion to $2.65 billion and earnings per share are expected to be in the range of 84 cents to 89 cents per diluted share.
"We believe that the strong product portfolio we have, together with the continued commitment by our carrier partners to promote BlackBerry throughout the summer months, will allow us to post healthy growth in Q2," Balsillie said in a call with analysts.
Misek predicted "thunderous" for the second quarter, when the company's Kickstart flip phone is to launch.
RIM's positive outlook for the second quarter is also buoyed by the planned launch in August of the BlackBerry Bold, a touch-screen device that some analysts have suggested RIM developed in response to Apple Inc.'s iPhone.
During the call, Balsillie told investors and analysts that RIM's market share around the world and particularly in the U.S., U.K. and Latin America continued to grow.
In first quarter, he said, its share of the U.S. market "increased substantially and was more than double that of our nearest competitor, whose share decreased significantly from the prior quarter."