BUSINESS BRIEFING / TELECOM
Times Wire Reports
BlackBerry maker Research in Motion Ltd. exceeded first-quarter expectations when it reported a 33% rise in profit but disappointed investors with its guidance.
The Waterloo, Canada, company earned $643 million, or $1.12 a share, in the quarter ended May 30. That compares with $482.5 million, or 84 cents, a year earlier.
Excluding a $175.1-million tax benefit and other one-time items, RIM earned $564.4 million, or 98 cents a share. Revenue rose 53% to $3.42 billion.
In the second quarter, it expects earnings of 94 cents to $1.03 a share on revenue of $3.45 billion to $3.7 billion.
