RIM Reports Fiscal Q3 2013 Results: Revenue of $2.7 Billion And Lower Subscriber Numbers
BlackBerry maker RIM has announced its third quarter results for the three months ended December 1, 2012. The company reported the revenue of $2.7 billion with GAAP net income was of $14 million, or $0.03 per share diluted, including a $166 million favourable tax settlement. The cash increase was of approximately $600 million to $2.9 billion while the cash flow from operations was approximately $950 million.
The company plans to invest heavily in marketing in the coming quarter, with high expectations for its BlackBerry 10 launch on January 30th. The first handsets are planned for sometime in February, though specific dates are not yet known.
RIM subscriber base now sits at 79 million, down over a million from the previous quarter. Though specific numbers have not been provided, the net loss is likely due to continued purging of the BlackBerry platform in North America, with significant gains in Africa and the Middle East. The company sold 6.9 million smartphones and 255,000 PlayBooks this quarter; that’s 500,000 fewer smartphones and 125,000 more tablets compared to last quarter.
RIM cash balance has increased to $2.9 billion this quarter as it continues to iterate on its Cost Optimization and Resource Efficiency (“CORE”) program. Although the company expects another net loss in Q4, CEO Thorsten Heins is bullish on the BlackBerry 10 launch. “More than 150 carriers are currently completing technical acceptance programs for the first BlackBerry 10 products,” he said in a statement.