RIM's record Q2 FY11: 12.1 million devices shipped, over 50 million subscribers
Research in Motion (TSE:RIM) has announced its Q2 FY2011 results for the three months ending August 28, 2010.
Revenue grew by 31 percent year on year to $4.62 billion, while net income was $796.7 million, up 68 percent year on year.
Driving these impressive figures were the shipping of 12.1 million BlackBerry devices during the quarter, up 45 percent year on year. RIM shipped 11.2 million devices in the previous quarter.
RIM added 4.5 million subscribers during the quarter, up 56 percent. The total number of active BlackBerry users is now over 50 million for the first time.
Only way is up
"RIM set another new record in the quarter by shipping over 12 million BlackBerry smartphones," said Jim Balsillie, RIM's co-CEO.
"This accomplishment and RIM's solid financial results during the second quarter were driven by effective business execution and strong demand for RIM's portfolio of BlackBerry smartphones and services in markets around the world."
"We expect a continuation of this momentum in the third quarter as we extend the rollout of new products including the BlackBerry Torch into additional markets, and benefit from heavy promotional activities and increasing customer demands as we head into the holiday buying season."
RIM expects to add 5.0 - 5.4 million subscribers during the next quarter, with revenue of between $5.30 - 5.55 billion.
Spending on shares
Revenue breakdown was split 79 percent on devices, 17 percent on services, 1 percent on software and 3 percent on other revenue, effectively the same during Q1.
In terms of cash, cash equivalents and investments, RIM held $2.03 billion on August 28, down from $3.27 billion at the end of its previous quarter. The main reason for this was the use of $1.5 billion for share repurchases, and $320 million spent on business acquisitions.
However, the company's share price declined during the period from $54.08 on June 25 to $47.70 at close of trading on September 16.
[source: RIM]