what the hell is going on? Research In Motion in reverse amid profit news
By Chris Kraeuter, CBS MarketWatch
Last Update: 7:39 PM ET Apr 11, 2000 NewsWatch
WATERLOO, Ontario (CBS.MW) -- Research In Motion shares dropped 7.5 percent in after-hours action Thursday, following the maker of wireless device technology's announcement of fiscal-fourth-quarter earnings that were 1 cent above Wall Street expectations.
RIM said earnings totaled $3.2 million, or 5 cents a share, compared with a profit of $2.9 million, or 4 cents a share, in the same time frame last year.
Revenue was $25.8 million, compared with $18.2 million.
RIM of Waterloo, Ontario, makes two-way e-mail pagers, as well as two-way text pagers, wireless PC cards and radio-based modems.
RIM (RIMM: news, msgs) shares tripped by 6 points to 76 on Island, after closing the regular session down 2, or 2.4 percent, at 82.
Also Tuesday, the company unveiled its newest wireless hand-held device and a new marketing alliance with Aether Systems (AETH: news, msgs).
RIM and Aether signed a three-year deal under which Aether is to pay RIM for software licenses and wireless hand-helds. RIM will market Aether services and products to its customers.
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