Blackberry maker doubles income

Permalink: Blackberry maker doubles income by David Masters

Canada-based Research In Motion Ltd. (RIM), famous for inventing the Blackberry mobile handset, has announced its first quarter results for the period ending 31st May 2008, with revenues and income more than doubling on year.

The mobile communications device supplier saw revenues for the quarter of US$2.24 billion. This represents an increase of 19% compared to the previous quarter ($1.88 billion), and 107% compared to the same quarter in 2007 ($1.08 billion).

Revenue was largely accounted for by device shipments which made up 82% of the total. Other revenue streams included services (13%), and software (3%).

Net income for the quarter was $482.5 million, more than double the $223.2 million made in the same quarter the previous year. This income translates to around $0.84 per common diluted share.

RIM CEO Jim Balsillie said he is pleased with another set of ’strong results’ that reflect the current thriving of the mobile communications sector.