RIM: These Results are Shocking Shorts
After the stock market closed Thursday afternoon, BlackBerry creator Research in Motion (NASDAQ:RIMM) reported fiscal second quarter revenue that surpassed Wall Street’s estimates and drove up stock prices 16 percent in after-hours trading.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
While analysts predicted the company to report earnings of $2.47 billion, revenue for the three months ended September 1 rose to $2.9 billion dollars, up 2 percent from the previous quarter and down 31 percent from $4.2 billion reported in the same quarter last year. Adjusted net loss for the quarter was $142 million, or $0.27 per share, which also beat analysts predictions. However, over the three month span, the smartphone manufacturer shipped only 7.4 million BlackBerrys when analysts had predicted the company to ship 7.8 million.
“Despite the significant changes we are implementing across the organization, our second quarter results demonstrate that RIM is progressing on its financial and operational commitments during this major transition,” said President and CEO,Thorsten Heins, in a press release.
Don’t Miss: Can RIM Find Its Place in the Mobile Market?