Mobile Rim

The Canadian tech giant posted earnings of US$495.5-million or US86 cents per share and sales of US$2.58-billion, missing consensus targets by one penny per share and sales of US$2.59-billion in revenue. Revenue was still up 15% from US$2.24-billion in the previous quarter and up 88% from US$1.37-billion in the same quarter of last year.

“Fiscal 2009 is proving to be an extraordinary year for RIM and its partners,” said RIM co-chief executive Jim Balsillie.
“We shipped over 11 million BlackBerry smartphones in the first half and we’re gearing up for an even stronger second half. Our enterprise business remains strong and our momentum in the consumer marketplace continues as we head into the holiday buying season with an amazing product portfolio and solid marketing support from partners.”
The results should add a measure of frustration for investors following RIM’s disappointing first-quarter results which also missed consensus targets by one penny.

RIM’s shares sold off sharply immediately after it released its results, dropping to US$81.20 in after-hours trade, down 16.7% from their close of US$97.53 on the Nasdaq market. The company’s stock has been anchored along with the recent turmoil in the financial sector after it reached a six-month high of $149.90 on June 19. RIM still holds an impressive market capitalization of about $57-billion.
The second-quarter has certainly been a busy time for the Waterloo, Ont.-based company. RIM unveiled two new devices ¬- the 3G ready BlackBerry Bold and the consumer-friendly BlackBerry Pearl Flip – in light of heightened competition from Apple Inc.’s iPhone, Samsung’s Instinct and the recently released T-Mobile G1, manufactured by Taiwanese handset maker HTC Corp. but powered by Google Inc.’s Android operating system.

Even with the smartphone market getting crowded, RIM has managed to sell 6.1 million handsets in the quarter while added 2.6 million subscriber additions, missing consensus targets of 6.17 million in handset sales and 2.62 million new subscribers.

For the second-quarter, RIM provided earlier guidance of $2.55-billion to $2.65-billion in revenue, between US84¢ to US89¢ in earnings per share, more than 6 million in handset sales and 2.6 million new subscribers.
One area of RIM’s business analysts have kept a close eye on is whether the company will be affected by the recent mergers and layoffs within the financial sector, which accounts for between 10% and 12% of its revenue. However, despite economic concerns, demand for smartphones continues to accelerate.

In a report released Thursday by RBC Capital Markets analyst Mike Abramsky and ChangeWave Research that surveyed 2,883 people regarding their smartphone purchase patterns and intentions, 11.9% of respondents plan on buying a smartphone device in the next 90 days, the highest percentage in three years.

Interest in both the iPhone and BlackBerry appear to be neck-and-neck, writes Mr. Abramsky. More than one-third of respondents (34%) say they’ll buy an iPhone while interest in the BlackBerry has rebounded, with 30% planning on buying the device, up 23% from June.

The BlackBerry was also found to be the leading consumer smartphone among current smartphone owners, news that bodes well as RIM has been making a concerned push within the consumer market with the new flip phone as well as a touchscreen device expected to be announced shortly.

According to a recent report by IDC, RIM strengthened its position again in the U.S. smartphone market in the second-quarter, leading all manufacturers with 53.6% of the market, up from 44.7% the prior quarter. Apple was next with 19.2%, while Palm held the third spot with 13.4% of the market. 

About the Author:

D Smith is a wireless gadget enthusiast. He has written several articles on various aspects of cell phones like Blackberry, iphones, Nokia mobiles etc. Smith is involved with several organizations involved in the evaluation and review of cell phones including fommy.co.uk.

Article Source: ArticlesBase.com – Rim Misses Quarterly Mark, Second Quarter in a Row to Show Dissapointing Results

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