Shares of Research In Motion
sank in late trading Thursday after the company reported quarterly results that were shy of Wall Street expectations.
RIM’s sales rose 39% from the year-ago quarter to $561.2 million, in line with its own lowered forecast of a month ago but $6 million below analysts’ estimates. Earnings of 65 cents a share were two cents less than anticipated.
Looking ahead, RIM said it expects June quarter sales of $580-$610 million, below $625.6 million forecasts. Earnings of 62-67 cents a share would be well below 76-cent estimates.
Cash decreased from $1.6 billion to $1.25 billion in the quarter, as the company settled its long-running patent dispute with NTP that threatened to shut down its U.S. operations.
RIM shares lost 4% in late trading.
The broader market treaded water ahead of Friday’s monthly jobs report.
The Nasdaq added 1 to 2361, the S&P 500 slipped 2 to 1309, and the Dow gave back 23 to 11,216. Volume declined to 2.28 billion shares on the NYSE, but rose to 2.2 billion on the Nasdaq. Decliners led 18-13 on the NYSE, and 15-14 on the Nasdaq. Upside volume was 52% on the NYSE, and 65% on the Nasdaq. New highs-new lows were 215-68 on the NYSE, and 208-38 on the Nasdaq.
continued to run up on news that Microsoft Windows can now be used on Intel-based Macs.
fell on their outlooks, while Napster
rose on their guidance.
lost 11% on its results.