RIM posts 19% share increase

Shares of Research in Motion (RIM) soared after the maker of the Blackberry handheld device reported preliminary results for its fiscal second quarter and a third-quarter outlook that were above Wall Street's expectations, an Associated Press report said.


The Associated Press report said RIM's stock surged 19% to $102.50 in pre-market trading, a price that will be well above its previous 52-week high of $90.53.


RIM was scheduled to release its complete second-quarter results after financial markets closed, but delayed the report because it is reviewing past stock options grants, the report said.


Still, investors were pleased with the numbers it did release, the report said.


The Associated Press report also said RIM's second-quarter net income totaled $140.8 million above the average estimate of Wall Street analysts surveyed by Thomson Financial.


Revenue was $658.5 million, up 34% from the year-ago period and also above expectations, the report said.