Sep 28, 2012 / 6:52 am
Stock in Research in Motion (TSX:RIM) shot up almost 11 per cent when the Toronto stock market opened this morning, a day after the BlackBerry maker posted better than expected second-quarter results.
Shares were up 75 cents to $7.71, or 10.8 per cent, in the early going on the Toronto Stock Exchange.
The Waterloo, Ont.,-based technology company, which reports in U.S. dollars, said after markets closed Thursday that its quarterly loss was US$235 million or 45 cents per diluted share compared with a profit of $329 million or 63 cents per share a year ago.
RIM's adjusted loss was $142 million or 27 cents per share.
While large, the loss was still much better than the 47 cents per share loss expected by analysts polled by Bloomberg.
Much of the optimism came from adjusted earnings per share, which filter out one-time costs like expenses related to job reductions and cost cuts.
But despite impressing investors, RIM still has many challenges ahead. Its revenues were notably weaker, down 31 per cent to $2.87 billion from $4.17 billion a year ago.
RIM said it shipped about 7.4 million BlackBerrys during the quarter, down from 7.8 million in the first quarter, showing that interest in its existing models is starting to wane.
Read more Canada News
- RCMP families want help
- Liberals want hearings on Harper's office
- Mother yells as driver appears in court
- Ford to crack open scandal today
- Rally calls for end to ties with monarchy
- Village mourns fishermen
- Wind turbine proposal for Juno Beach
- PM's new chief of staff
- Anarchist 'panda' leads a new fight
- Warm summer forecast for Canada
- Hidden camera nails care home workers
- Feds buying ads that don't exist