RIM's Good News: Quarterly Net Loss Only $235 Million
Things are looking slightly better at BlackBerry-maker Research in Motion. After "re-debuting" its BlackBerry 10 operating system at BlackBerry Jam Americas on Tuesday, RIM revealed that its quarterly losses for its second-quarter were not as horrendous as analysts initially expected.
During an investors call today, RIM announced that it posted a net loss of $235 million, 45 cents a share, compared to the $329 million, 63 cents a share, in the same quarter last year. That's not incredible news, but it's better than the 47 center per share that analysts had projected.
Year over year, RIM's revenue fell from $4.2 billion to $2.9 billion. Still, that $2.9 billion is actually two percent higher than the $2.8 billion revenue generated in first-quarter. Analysts had been expecting the company to generate just $2.5 billion in revenue, according to The Wall Street Journal. RIM also shipped 400,000 more BlackBerry devices than analysts expected, 7.4 million versus 7.8 million.
The positive news also helped bolster RIM's stock price, sending is soaring by more than 15 percent. RIM CEO Thorsten Heins said the company was also halfway to its goal of cutting $1 billion in expenses.
It's been quite a while since RIM was able to trot out any good news. The company has fallen far since it was the smartphone leader in the U.S.