RIM's reports better than expected 1Q profits

Steep competition is already in play with yet another highly prized device launching tomorrow. If you're RIM though, you may not need to be too concerned right now. Victory can be claimed presently by RIM - reporting a rocketing 33 percent jump in their first quarter profits. They beat out the expectations by raking in $643 million, $1.12 per share, in the most recent quarter that ended May 30 with revenue exploding 53 percent to $3.42 billion. Now those number alone show the impact of RIM's presence in the mobile world – trying to boost market share among non-corporate clients. Not taking into consideration the $175.1 million tax benefits and other one-time fees, they tallied up $564.4 million, or 98 cents per share. All of it pointed to healthy positive growth in a time when the stability of the economy is fragile. Co-CEO Jim Balsillie boldly stated that the BlackBerry Curve was the premier top selling smart phone in North America – better than the iPhone, Pre, or G1. Not taking away from their accomplishments, RIM's forecast for the second quarter drove the company's shares down more than 6 percent after the market was closed. They are expecting to earn 94 cents to $1.03 per share on a revenue of $3.45 billion to $3.7 billion. If you've invested in the Canadian company back in March when it bottomed at $35.05, you probably have a nice fat smile knowing it has more than doubled – hitting $76.55 at the closing bell. Still the future is uncertain when the market is gearing up for more highly anticipated smart phones coming out this summer. Who will stand at the pinnacle when all is said and done?

source: Yahoo