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Services news

RIM's shares rise 11.5% after results reported

9 Oct 2012 14:31
NEW YORK, USA: BlackBerry manufacturer Research in Motion's stock rallied sharply after the company reported a narrower-than-expected loss, with shares jumping 11.5% to $7,95, still well below its 2008 high of $140.
Analysts are now debating whether the smartphone maker is poised for a rebound.

The Canadian firm said last week it lost $235m in the past quarter, its third consecutive loss. The figure was lower that analysts had forecast.

Despite the jump in RIM's share price, many analysts remained sceptical on the prospects for RIM, which has delayed until next year its new BlackBerry 10 platform, which aims to compete against the Apple iPhone and devices using Google's Android system.

"RIM has received positive feedback from carriers; however, we believe this new launch will need to be an absolute home run for RIM to stay in the game," said Brian White at Topeka Capital Markets.

Daniel Ernst at Hudson Square Research said the modest rise in the number of RIM subscribers was positive, "we continue to believe it's too late for BB10, and that a strategic sale is a better long-term option than independence."

Ehud Gelblum at Morgan Stanley said RIM "appears to be driving (subscribers) by selling devices below cost," and added that this "shrinks the pool of potential BB10 'upgraders.'"

Last week Thorsten Heins, president and chief executive of the Ontario-based firm, said the BlackBerry 10 platform "is on track to launch in the first calendar quarter of 2013."

RIM said revenues in the fiscal second quarter rose two percent from the prior quarter to $2.9bn, a figure some 31% lower than a year earlier. RIM said it shipped 7.4 million smartphones in the period and 130,000 PlayBook tablets.

The company's global subscriber base rose to 80 million and the company's cash position edged up to $2.3bn.

Source: AFP via I-NET Bridge


SOURCE

I-Net Bridge
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