Research In Motion (RIMM) Lowers Q3 Guidance
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Research In Motion Limited (NASDAQ: RIMM) lowers Q3 guidance. The company expects revenue for the third quarter to be in the range of $2.75-$2.78 billion, versus the previously forecasted revenue range of $2.95-$3.10 billion.
Diluted EPS for the third quarter is expected to be lower than the initial forecast of between $0.89-$0.97 per share diluted, primarily due to the lower-than-estimated revenue and the unfavorable impact of the strengthening U.S. dollar during the quarter. Subject to final review, RIM now anticipates diluted adjusted earnings per share to be in the range of $0.81-$0.83.
RIM expects the number of net new BlackBerry subscriber accounts added in the quarter to be approximately 2.6 million, which is lower than the 2.9 million previously forecasted.
Co-CEO Jim Balsillie said, "Initial sales of new products have been very positive and we believe we have the strongest smartphone portfolio in the industry by far, however product launch timing, general economic conditions and foreign exchange volatility have tempered our results in the third quarter."
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