RIM beats Wall Street's first-quarter earnings estimates

Research in Motion has reported first-quarter earnings on par with Wall Street's estimates, but lower than analysts' predictions

Research in Motion on Thursday reported first-quarter earnings that beat Wall Street estimates but missed the analysts' targets on revenue. The company also announced a share repurchase plan.

For the quarter, the company reported revenue of $4.24bn (£2.84bn), up 24 percent from the year-ago quarter, according to a statement. Net income came in at $768.9m, or $1.38 per share, up from the $1.12 per share reported in the year ago quarter. Analysts had been expecting earnings of $1.34 a share on revenue of $4.36bn.

Looking ahead, the company projected second quarter revenue between $4.4bn and $4.6bn, in-line with Wall Street's estimates of $4.5bn for the quarter. Second quarter earnings are expected to be between $1.33-$1.40 per share. Gross margin for Q2 is expected to be approximately 44 percent and net subscriber account additions are expected to be between 4.9-5.2 million.

For more on this story, see RIM earnings: Focused on growing global business on ZDNet.com.