RIM's Q1 profit doubles, but shares fall

Research In Motion reported a first-quarter profit of €307 million (US$482.5 million), up from the same period a year ago as revenue more than doubled, an Associated Press report said.

RIM said that its profit amounted to €0.53 (US$0.84) per diluted share for the three months ended May 31 compared with a profit of €143.2 million (US$223.2 million) or €0.25 (US$0.39) per diluted share a year ago, the report added.

Revenue in the quarter was €1.4 billion (US$2.24 billion), up from €643 million (US$1.08 billion).

However, shares in the BlackBerry maker fell during after-hours trading because the earnings fell short of market expectations.

The company said it added 2.3 million net new BlackBerry subscribers in the quarter for a total of over 16 million subscribers.