Research In Motion Limited (RIM) has reported first quarter results for the three months ended 28 May, with revenue having increased 16% over the same quarter last year.
In addition, international revenue in Q1 grew 67% year over year, while gross margin was approximately 44%, slightly higher than expected due to product mix.
One highlight of the quarter was the launch of the BlackBerry PlayBook tablet in North America, which shipped approximately 500 000 units during the period.
Revenue for the first quarter of fiscal 2012 was $4,9-billion, down 12% from $5,6-billion in the previous quarter and up 16% from $4,2-billion in the same quarter of last year. The revenue breakdown for the quarter was approximately 78% for hardware revenue, 20% for service and 2% for software and other revenue. During the quarter, RIM shipped approximately 13,2-million BlackBerry handheld devices and approximately 500 000 BlackBerry Playbook tablets.
“Fiscal 2012 has gotten off to a challenging start. The slowdown we saw in the first quarter is continuing into Q2, and delays in new product introductions into the very late part of August is leading to a lower than expected outlook in the second quarter," says Jim Balsillie, Co-CEO at Research In Motion. "RIM’s business is profitable and remains solid overall with growing market share in numerous markets around the world and a strong balance sheet with almost $3-billion in cash. We believe that with the new products scheduled for launch in the next few months and realigning our cost structure, RIM will see strong profit growth in the latter part of fiscal 2012."
Net income for the quarter was $695-million, or $1,33 per share diluted, compared with net income of $934-million, or $1,78 per share diluted, in the prior quarter and net income of $769-million, or $1,38 per share diluted, in the same quarter last year.
The total of cash, cash equivalents, short-term and long-term investments was $2,9-billion as of May 28, 2011, compared to $2,7-billion at the end of the previous quarter, an increase of approximately $170-million from the prior quarter. Cash flow from operations in Q1 was approximately $1-billion. Uses of cash included intangible asset additions of approximately $560-million, capital expenditures of approximately $220-million and business acquisitions of approximately $30-million.