RIM beats Wall Street estimates in Q2 2013, stock price surges

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RIM announced its earnings for Q2 2013 and the company performed better than expected. RIM posted a net loss of $235 million in the quarter, which is significantly better than the $518 million loss reported in Q1.  Revenue climbed slightly from $2.8 million in Q1 to $2.9 million in Q2, a 2 percent quarterly increase. Its revenue was driven by handset sales and not tablets as the Waterloo company sold 7.4 million BlackBerry smartphones and only 130,000 PlayBook tablets in the quarter. The company also confirmed its subscriber base has reached 80 million users worldwide. At the end of the quarter, RIM has $2.3 billion in cash and cash equivalents.

RIM remains cautiously optimistic about it future with CEO Thorsten Heins saying, “Make no mistake about it, we understand that we have much more work to do, but we are making the organizational changes to drive improvements across the company, our employees are committed and motivated, and BlackBerry 10 is on track to launch in the first calendar quarter of 2013.” Wall Street responded favorably to RIM’s earnings, with the stock jumping up 16 percent to $8.28 in after hours trading.

[Via RIM]

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