TORONTO - Research In Motion (TSX:RIM) shares weakened two per cent in morning trading after the BlackBerry maker beat first-quarter expectations, but fell short on its outlook.
The Waterloo, Ont.-based company's stock was down $1.99 to $85.07 on the Toronto Stock Exchange midmorning on Friday.
On Thursday after the closing bell, the company reported that it's quarterly profit was US$643 million, or $1.12 per share, compared to $482.5 million, or 84 cents per share a year earlier.
Revenues rose 53 per cent to US$3.42 billion.
However, it was the second-quarter outlook that appeared to stall analyst's optimism. The company said that subscriber growth is expected to be relatively flat in the period.
Revenues are expected to grow slightly from quarter-to-quarter to between US$3.45 billion and $3.70 billion.
While RIM still expects growth, the outlook wasn't optimistic enough to keep the stock afloat.
In recent quarters, the company has benefited from its unwavering growth in the face of a U.S. recession and tough international economy.
