RIM confident about future despite declining revenues
Research In Motion Ltd. released a solid first-quarter earnings report, showing declining revenues following a slowing economy but expressing confidence in its business plan and future prospects.
The company recorded revenue for the quarter of $77 million, way up from the same period last year but down slightly from RIM’s $90 million in the previous quarter. RIM’s net income was $3.8 million, or 5 cents per share, and it reported almost $700 million in cash and cash equivalents.
Wall Street reacted positively to the news, sending the company’s stock up about 50 cents to $29.91 per share in midafternoon trading Friday.
N.Y. Senate passes dialing ban
Late last week, the New York Senate approved a proposal that if passed today, will make New York the first U.S. state to ban drivers from using handheld phones.
If approved and signed by Gov. George Pataki, the proposal will take effect Nov. 1, but violators will receive only a verbal warning for one month, after which time they will be ticketed and fined up to $100.
Several New York counties have already enacted cell-phone bans and 39 other U.S. states are considering similar laws, according to the National conference of Sate Legislatures.
