Shares of Research in Motion jumped in after-hours trading Thursday after the maker of the BlackBerry wireless device reported earnings that topped expectations.
RIM, based in Waterloo, Ont., said its third-quarter profit more than doubled to $370.5 million US (65 cents a share), up from $175.2 million US (31 cents a share) in the same quarter a year ago.
RIM three-month TSX chart
RIM reports in U.S. dollars.
"We are pleased to see continuing growth amongst business and government users, with the BlackBerry platform being deployed for a widening range of applications, and we are also pleased with the excellent consumer sales results achieved so far in the holiday buying season," RIM co-CEO Jim Balsillie said in a statement.
Analysts had been expecting profit of 62 cents a share, on average.
"They keep with the record of always beating the estimates of the street," Nick Bontis, a professor at the DeGroote School of Business, told CBC News. "As long as they keep on doing that, RIM will move onward and upward."
The company added another 1.65 million subscribers in the quarter, pushing its total subscriber base to 12 million.
Revenue doubled to $1.67 billion — also slightly above the market's consensus.
For the fourth quarter, RIM is forecasting revenues of $1.80 billion to $1.87 billion, and earnings of 66 to 70 cents a share.
It is also anticipating net subscriber account additions of 1.82 million.
Earnings for the fourth quarter are expected to be in the range of 66 cents to 70 cents per share diluted.
RIM shares ended the regular TSX trading session at $106.52, up $4.43. On the Nasdaq, RIM gained $4.86 to close at $106.99.
In after-hours trading in the U.S., RIM shares surged more than $10 to $117.45 by 4:30 p.m. ET.
RIM stock has more than doubled this year.
