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December 16, 2010

RIM Q3 revenue up 40% to $3.92bn

14.2m devices shipped in the quarter

By CBR Staff Writer

Research In Motion (RIM) has posted an increase of 40% in its third quarter revenue to $5.5bn, compared to $3.9bn in the same period last year.

The company received approximately 82% of its revenue by selling devices, 15% from service, 3% from software and other revenues.

RIM shipped about 14.2m devices in the quarter and now has a subscriber base of approximately 55m. It added approximately 5.1m net new BlackBerry subscriber accounts during the quarter.

The company posted a net income of $911.1m, or $1.74 per diluted share, compared to net income of $628.4m, or $1.10 per diluted share, for the third quarter of fiscal 2011.

For the three months ended 27 November, 2010, the total cash, cash equivalents, short-term and long-term investments were $1.76bn, compared to $1.91bn at the end of the previous quarter, a decrease of $15m over the prior quarter.

Research In Motion co-CEO Jim Balsillie said the company was pleased to report another record quarter with strong growth in shipments of BlackBerry smartphones leading to record revenue, subscriber additions and earnings.

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"With strong results and momentum from our recent product introductions, as well as growing excitement from our partners and customers around upcoming smartphone, tablet, software and service offerings, we are setting the stage for continuing success," Balsillie said.

The company expects revenue for the fourth quarter of fiscal 2011 to be in the range of $5.5bn to $5.7bn and earnings per share to be in the range of $1.74-$1.80 per share diluted.

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