Shares of Research In Motion (RIMM) have more than doubled since the market bottomed in March. Today, however, the stock is getting punished thanks to a poor revenue forecast.
The company said it earned $475.6 million, or 83 cents a share, in its second quarter, down 4 percent from $495.5 million, or 86 cents a share, a year earlier.
Adjusted earnings were $1.03 a share and excluded a charge related to settling a patent claim.
Revenue in the quarter, which ended Aug. 31, rose 37 percent, to $3.53 billion, from $2.58 billion.
Adjusted earnings were $1.03 a share and excluded a charge related to the settlement of a patent claim.
Analysts, on average, had expected a profit of $1 a share, excluding items, on sales of $3.63 billion, according to a poll by Thomson Reuters.
The company said to expect revenue for this quarter to range between $3.6 billion and $3.85 billion which was less than Wall Street’s consensus of $3.95 billion. I currently rate the stock a Hold.