RIM sees profits up 20pc

City A.M. Reporter
BLACKBERRY maker, Research in Motion (RIM) saw quarterly profits rise almost 20 per cent yesterday.

RIM shares fell 3.7 per cent as shipments and subscriber growth fell short of expectations.

The group posted first-quarter earnings of $769m (£515m) in the three months to 29 May, up from $643m in the same period last year.

Quarterly revenue rose 24 per cent to $4.24bn.

The Waterloo, Canada-based company said shipments topped 11m and it added 4.9m new subscribers in the quarter. Both numbers came in toward the low end of the company’s forecast range but were short of what analysts had expected.

The BlackBerry maker expects to add between 4.9m and 5.2m new subscribers in the current quarter.
The company said its board has authorised a repurchase programme to buy up to 31m common shares.