BlackBerry tops in US, posts $2.46-b profit

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Gurmukh Singh | 01 Apr, 2010
BlackBerry maker Research In Motion (RIM) reported 35 percent jump in its revenue over the previous fiscal year, netting in $15 billion in fiscal 2010.

The world leader in wireless communication posted a net profit of $2.46 billion for the current fiscal year ending Wednesday - up 29.8 percent from the previous year.

Interestingly, BlackBerry remained the number one selling smartphone in the US market despite the onslaught of Apple's iPhone by reducing price of its devices. With Google launching its Nexus One and Apple panning a new iPhone, it remains to be seen how long the Canadian giant can hold its leadership in the US market.

Based at Waterloo near here, BlackBerry maker RIM also added 4.9 million new subscribers, taking its subscription base to over 41 million - up 65 percent over the previous year.

BlackBerry also shipped 37 million smart phones during the year - up 40 percent from fiscal 2009.

The company's fourth quarterly profit also went up from $518.3 million to $710.1 million.

However, the quarterly revenue of $4.08 billion was below than the expected $4.31 billion - with sales of smart phones accounting for 80 percent, service 16 percent, software 2 percent and other services 2 percent.

Below-than-expected quarterly results took their toll on RIM shares on the otherwise surging Toronto Stock Exchange Wednesday, slipping nearly 8 percent to $75.25.

However, RIM co-CEO Jim Balsillie said, "RIM has completed another outstanding fiscal year with record revenue, earnings and subscriber results. Our company and partnerships continued to thrive within one of the most dynamic industries in the world.

"We managed to significantly expand our international market share while also maintaining our longstanding leadership in North America where BlackBerry continues to be the top selling smartphone brand.''

He said the company was "off to a great start in fiscal 2011 and expect strong shipments, revenue, subscriber and earnings growth in Q1. We are also very excited about our portfolio of products and services for the coming year and we continue to see exceptional opportunity for sustained growth.''