Research in Motion 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 US$4.24 billion, up 24 percent from the year-ago quarter. Net income came in at US$768.9 million, or US$1.38 per share, up from the US$1.12 per share reported in the year ago quarter. Analysts had been expecting earnings of US$1.34 a share on revenue of US$4.36 billion.
Looking ahead, the company projected second quarter revenue between US$4.4 billion and US$4.6 billion, in-line with Wall Street's estimates of US$4.5 billion for the quarter. Second quarter earnings are expected to be between US$1.33 to US$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.
Read more of "RIM earnings: Focused on growing global business" at ZDNet.