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RIM: Sales and profits on the upswing

Revenue for the smartphone maker rises, though it falls short of analysts' expectations, while profit jumps ahead of estimates.

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Research in Motion on Thursday reported first-quarter earnings that beat Wall Street estimates but missed the analysts' targets on revenue. The company also announced a share repurchase plan. (Statement, in PDF.)

For the quarter, the company reported revenue of $4.24 billion, up 24 percent from the year-ago quarter. Net income came in at $768.9 million, or $1.38 per share, up from the $1.12 per share reported in the year ago quarter. Analysts had been expecting earnings of $1.34 a share on revenue of $4.36 billion.

Looking ahead, the company projected second-quarter revenue of between $4.4 billion and $4.6 billion, in line with Wall Street's estimates of $4.5 billion for the quarter. Second-quarter earnings are expected to be between $1.33 and $1.40 per share. Gross margin for the second quarter is expected to be approximately 44 percent, and net subscriber account additions are expected to be between 4.9 million and 5.2 million.

Read more of "RIM earnings: Sales and profits rise; share repurchase plan announced" at ZDNet's Between the Lines.