Research in Motion snags 2 million BlackBerry customers
Last Updated: Tuesday, December 21, 2004 | 5:24 PM ET
CBC News
The Waterloo-based company said it had 2.04 million BlackBerry subscribers by the end of Q3, an increase of 387,000.
That powered the company to a net profit of $90.4 million US (46 cents a share) on revenues of $365.9 million US, more than doubling its revenues from the same quarter in 2003.
Excluding a litigation provision of $24.6 million US (12 cents US per share), the company's adjusted net income was $114.9 million US (58 cents US per share). That beat the consensus adjusted profit estimate of 55 cents US a share by 21 analysts surveyed by Thomson/First Call.
'Solid subscriber growth'
Research in Motion has been locked in a patent infringement battle with Virginia-based NTP Inc. for more than three years. Last week, RIM was widely perceived as having lost a key ruling from a U.S. Appeals Court.
- FROM Dec. 14, 2004: Research in Motion shares drop on court ruling
"Solid subscriber growth topped the two million mark during the quarter and we are steadily scaling our business to broaden customer reach further with the addition of new carrier partnerships, new product offerings and new application extensions," Jim Balsillie, RIM co-CEO said in a release.
RIM also raised its earnings guidance for the fourth quarter to a range of 48 to 54 cents US per share (60 to 67 cents US per share excluding the patent litigation provision).
Revenue in Q4 of 2005 is expected to be in the range of $390 million US to $410 million US.
RIM share price falls after-hours
RIM's share price has more than doubled this year. The stock closed Tuesday at $106.85 on the TSX, up 36 cents.
On the Nasdaq, Research in Motion stock closed at $87.04 US. But after the earnings report was issued after the market's close, the shares fell sharply. In after-hours trading, they were down almost $5 US to $82.31 by 5:10 p.m. ET.
Some reports suggested the market was disappointed by the company's Q4 revenue estimates. They are lower than analysts' estimates.
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