Investors Hang Up on Research In Motion (RIMM) After Q4 Results and Lackluster Outlook
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Research In Motion (NASDAQ: RIMM) shares are getting crushed in extended trade Thursday after the company reported better-than-expected fourth-quarter earnings, but guided for the current period below the Street.
The BlackBerry smartphone maker reported fourth-quarter earnings of $1.78 per share, 3 cents better than the analyst estimate of $1.75 per share.
Revenue for the company rose 36 percent to $5.6 billion in the three-month period ended February 26, compared to the market consensus of $5.63 billion.
RIM shipped approximately 14.9 million BlackBerry devices in the quarter for a total of 52.3 million for fiscal 2011, up 43 percent over 2010.
"As we enter fiscal 2012, RIM is in an excellent position to benefit from the continuing convergence of the mobile communications and mobile computing markets," said Jim Balsillie, Co-CEO at RIM. "We are laying a strong foundation for RIM's expanding market opportunity through focused investments and we are extremely excited about our smartphone, tablet and platform roadmaps."
Looking forward, the company sees first-quarter earnings of $1.47-$1.55 per share, missing the Street's view of $1.65 per share. RIM also sees sales for the current period in the range of $5.2-$5.6 billion, compared to the consensus of $5.64 billion.
For the full year 2012, the company sees earnings over $7.50, compared to the Street's view of $6.81.
Shares of RIM are down 10 percent to $58.00 in aftermarket movement on Thursday.
The BlackBerry smartphone maker reported fourth-quarter earnings of $1.78 per share, 3 cents better than the analyst estimate of $1.75 per share.
Revenue for the company rose 36 percent to $5.6 billion in the three-month period ended February 26, compared to the market consensus of $5.63 billion.
RIM shipped approximately 14.9 million BlackBerry devices in the quarter for a total of 52.3 million for fiscal 2011, up 43 percent over 2010.
"As we enter fiscal 2012, RIM is in an excellent position to benefit from the continuing convergence of the mobile communications and mobile computing markets," said Jim Balsillie, Co-CEO at RIM. "We are laying a strong foundation for RIM's expanding market opportunity through focused investments and we are extremely excited about our smartphone, tablet and platform roadmaps."
Looking forward, the company sees first-quarter earnings of $1.47-$1.55 per share, missing the Street's view of $1.65 per share. RIM also sees sales for the current period in the range of $5.2-$5.6 billion, compared to the consensus of $5.64 billion.
For the full year 2012, the company sees earnings over $7.50, compared to the Street's view of $6.81.
Shares of RIM are down 10 percent to $58.00 in aftermarket movement on Thursday.
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