RIM (RIMM) Q3 Loss Smaller as Cash Pile Grows; Co. Gears up for BB10
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Research In Motion's (NASDAQ: RIMM) stock moved higher in after-hours trading on Thursday, following the release of the company's Q3 earnings report. Ahead of the launch of its critical BB10 device next year, investors are closely monitoring RIM's cash position, which for the time being appears stable. In fact, RIM's cash position increased $600 million to $2.9 billion.
Revenue for the quarter was a touch higher than expectation at $2.7 billion compared to estimates of $2.66 billion. Last year, RIM reported revenue of $5.16 billion. This represents a decline of 47 percent.
Loss for the quarter was 22 cents per share, 13 cents ahead of estimates, as RIM put a lid on expenses.
"RIM continued to execute on its product roadmap plans and to deliver on key financial metrics as it gets set for the global launch of BlackBerry 10," said Thorsten Heins, President and CEO. "This is an exciting time and our carrier partners, application developers and employees are all looking forward to unveiling the innovation and excitement of BlackBerry 10 to our customers on January 30, 2013."
RIM also announced today that Robin Bienfait, Chief Information Officer for RIM has made the decision to retire at the end of this year following 6 years of service to the Company.
While the quarter was better than expected, all is not roses. The company told investors to expect "continued pressure on operating results as it gets set to launch its BlackBerry 10 platform in the fourth quarter."
Shares last traded at $14.90, up 5.5 percent from the Thursday NASDAQ close of $14.12.
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Revenue for the quarter was a touch higher than expectation at $2.7 billion compared to estimates of $2.66 billion. Last year, RIM reported revenue of $5.16 billion. This represents a decline of 47 percent.
Loss for the quarter was 22 cents per share, 13 cents ahead of estimates, as RIM put a lid on expenses.
"RIM continued to execute on its product roadmap plans and to deliver on key financial metrics as it gets set for the global launch of BlackBerry 10," said Thorsten Heins, President and CEO. "This is an exciting time and our carrier partners, application developers and employees are all looking forward to unveiling the innovation and excitement of BlackBerry 10 to our customers on January 30, 2013."
RIM also announced today that Robin Bienfait, Chief Information Officer for RIM has made the decision to retire at the end of this year following 6 years of service to the Company.
While the quarter was better than expected, all is not roses. The company told investors to expect "continued pressure on operating results as it gets set to launch its BlackBerry 10 platform in the fourth quarter."
Shares last traded at $14.90, up 5.5 percent from the Thursday NASDAQ close of $14.12.
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james bloch on Dec 20, 2012 07:46 PMMark as Spam | Reply to this comment
good call cramer, RIMM- at $8 avoid! genius!