Econo-collapse? Not Us, Says RIM (Updated)
Posted by: Stephen Wildstrom on February 11, 2009
The world may be full of gloom and doom, but in Waterloo, Ont., the sun still seems to be shining brightly. BlackBerry-maker Research In Motion today increased its forecast for net customer additions for the quarter ending Feb. 28 by 20 over the 2.9 million it predicted in December.
RIM also reaffirmed its financial guidance for its fourth fiscal quarter, saying it expects revenue for the quarter to be “at or near the midpoint of the previously guided range,” while gross margins and earnings per share should be at “the low end” of guidance. “The new BlackBerry products that were launched in the fiscal third quarter continue to be well received in the market and post-holiday subscriber performance in both North America and international markets has exceeded RIM’s earlier expectations,” the company said in a statement.
RIM did not provide any visibility into the upcoming quarter, however, It said it would offer guidance when it reports its fourth-quarter results on April 2.
UPDATE: Of course, there’s no pl;easing the serpents of Wall Street, The markets apparently were disappointed that it merely reaffirmed its outlook when everyone else is downgrading theirs as fast as they can. In early trading, the stock fell more than US$9 to 47.81, a drop of more than 16%. Of course, the stock has been on a tear lately and even with today’s drop. remains well above its yearend price of $38.77.