After hours, RIM's shares soar 18% thanks to smaller than expected quarterly loss
RIM has more than $2 billion in cash
During the quarter, RIM shipped 7.4 million BlackBerry handsets and 130,000 PlayBook tablets. Analysts were looking for RIM to ship a million fewer units. Overall, it was a great three months for BlackBerry and the higher amount of cash on hand will enable the company to fully support the launch of its ambitious BlackBerry 10 rollout early next year. The OS will be available on both new all-touch models and those featuring the iconic RIM QWERTY keyboard. It was during the company's last earnings report when RIM announced that the launch of BlackBerry 10 would be delayed until the first quarter of 2013.
After-hours in NASDAQ trading, RIM is $8.43, up $1.29 or 18%. The 52 week high is $24.74.
"It's still bad, but it's a much smaller disaster than expected. These stocks all trade on expectations. Expectations were really low, and they were able to beat that. They shipped more than a million better than expected. They also lost a lot less money than expected, and the cash balance, even though they lost money, they were able to grow it slightly."-Shaw Wu, analyst, Sterne Agee.
source: CNBC, YahooFinance
RIM's stock price for the last year through Thursday's close
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