Research In Motion Ltd., the maker of the BlackBerry, climbed the most in a month ... Smartphone News forum
Research In Motion Gains as Forecast Tops Estimates
Research In Motion Ltd., the maker of the BlackBerry, climbed the most in a month on the Nasdaq after forecasting sales that beat analysts’ projections, boosted by new devices such as the Bold and the Storm.
Research In Motion said yesterday that revenue in the period ending Feb. 28 will be at least $3.3 billion, topping the $3 billion average of estimates compiled by Bloomberg. At the same time, smaller Palm Inc. posted its sixth straight loss, hurt by competition from rival models and the economic slump.
Research In Motion and Palm are competing for customers amid the longest recession in a quarter-century, which has pushed many shoppers to put away their pocketbooks. New smart phones, which are equipped to surf the Internet and play video, will help Research In Motion surmount the slump, co-Chief Executive Officer Jim Balsillie said.
“It’s very refreshing that a company, even in this environment, is showing very strong demand for its products,” said Matthew Thornton, an analyst at Avian Securities LLC in Boston. “When you look at Palm, it’s a very different story.”
Research In Motion, based in Waterloo, Ontario, climbed $4.39, or 11 percent, to $42.83 at 4 p.m. New York time in Nasdaq Stock Market trading. Palm rose 29 cents, or 13 percent, to $2.49. The company may introduce new software next month, which probably helped push the stock up today, Thornton said. He is neutral on Palm and positive on Research In Motion.
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