Research In Motion (RIMM) Sinks After Disappointing Q2 Top-Line and Guidance

Shares of smartphone maker Research In Motion (Nasdaq: RIMM) are down 13% after disappointing Q2 top-line results.

Research In Motion reported Q2 EPS of $1.03, ex-items, 3 cents better than the analyst estimate of $1.00. Revenue for the quarter rose 3% from the previous quarter and 37% from last year to $3.53 billion, which compares to the estimate of $3.62 billion.

Approximately 3.8 million net new BlackBerry subscriber accounts were added in the quarter. At the end of the quarter, the total BlackBerry subscriber account base was approximately 32 million.

Research In Motion sees Q3 sales of $3.6-$3.85 billion, versus the consensus of $3.90 billion, and EPS of $1.00-$1.08, versus the Street estimate of $1.04. Gross margin for Q3 is expected to be approximately 43%.

UPDATE: Click here to see some highlights from Research In Motion's Q2 conference call.

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