RIM Reports a Very Profitable Quarter

Research In Motion (RIM) has reported the results of its most recent financial quarter, during which it earned a substantial profit.

Revenue for last quarter was $153.9 million, up 22% from $125.7 million in the previous quarter and up 107% from $74.2 million in the same quarter of last year. The revenue breakdown for the quarter was approximately 56% for handhelds, 29% for service, 9% for software licenses and 6% for OEM radios and other revenue.

The total number of BlackBerry subscribers increased by about 154,000 from the prior quarter to roughly 865,000 subscribers.

Net income for the quarter was $16.3 million, or 20 cents per share diluted, compared to net income of $2.1 million or 3 cents per share diluted in the prior quarter.

Excluding the litigation provision of $9.2 million or 11 cents per share diluted, RIM's adjusted net income was was $25.5 million and adjusted diluted earnings per share was 31 cents.

RIM also reported that it expects it revenues to continue to rise over the next couple of quarters and to report even higher profits during the period.

All this good news caused the company's shares to rocket upwards yesterday. The price went up by $23.51 to close at $69.61, an increase of 51%.

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