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Earnings Roundup

BlackBerry maker sees profit double

December 21, 2007|From Times Wire Services

Research in Motion Ltd. reported a doubling of profit and issued a forecast that topped analysts' estimates on demand for its popular BlackBerry.

Sales of the device with phone, e-mail, map and music player functions helped propel net income to $370.5 million, or 65 cents a share, in the company's fiscal third quarter, compared with $175.2 million, or 31 cents, a year earlier.

Analysts in a Bloomberg survey had expected a profit of 62 cents.

Waterloo, Canada-based Research in Motion said it added 1.65 million BlackBerry subscribers in the quarter ended Dec. 1, luring early holiday shoppers with new entertainment features, co-Chief Executive James Balsillie said. Lower prices for e-mail service plans and retailer ad campaigns also spurred sales.

Profit in the fourth quarter will rise to 66 cents to 70 cents a share, the company said. Sales are expected to increase to $1.8 billion to $1.87 billion. Analysts in the Bloomberg survey had expected a profit of 66 cents on sales of $1.76 billion.

The company said it expected to add 1.82 million subscribers in the fourth quarter. Sales doubled to $1.67 billion in the third quarter. Analysts had expected $1.65 million.

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