Research in Motion Ltd (RIMM) Drops Hard

By Tim - http://stockstobuy.org

Shares of Research in Motion Ltd (RIMM) are dropping hard in afterhours tonight after the company reported worse than expected earnings. RIMM came into the day trading up near $65 but is now trading around $58.00. Research in Motion Ltd (RIMM)

Research In Motion Reports Year-End and Fourth Quarter Results for Fiscal 2011

RIMM reported revenue for the fiscal year ended February 26, 2011 was $19.9 billion, up 33% from $15 billion last year. Revenue for the fourth quarter of fiscal 2011 was $5.6 billion, up 1% from $5.5 billion in the previous quarter and up 36% from $4.1 billion in the same quarter of last year. The revenue breakdown for the quarter was approximately 81% for devices, 16% for service, and 3% for software and other revenue. During the quarter, RIM shipped approximately 14.9 million BlackBerry smartphones for a total of 52.3 million smartphones in fiscal 2011.