RIM’s Profit Soar in the First Quarter

Despite the tough economic tough times, Research In Motion (RIM) has continued to record increase in its income. Announcing its first quarter financial results, RIM revealed that it has recorded a net income of US$643 million, a 33 percent jump in profit from last year’s first quarter income of $482.5 million.
During the quarter, BlackBerry sales were solid in international markets, which tend to attract more business clients, he said. Healthy revenues were recorded in Latin America, the Middle East and parts of Asia.
Eighty per cent of those new subscribers were consumers as opposed to business clients. Consumers now account for more than half of the BlackBerry client base, RIM’s co-chief-executive officer Jim Balsillie said in a conference call with analysts.
Despite the usual slowdown in summer months, Balsillie said the company expects to ship 8.1 million to 8.7 million new smartphones in the current quarter and add 3.8 million to 4.1 million new subscribers.
According to the Associated Press. RIM beat the average 94-cent estimate of analysts polled by Thomson Reuters, excluding a one-time $175 million tax benefit.