WATERLOO, Ontario-Shares in BlackBerry maker Research In Motion Ltd. jumped after the company reported a smaller-than-expected loss and revenues in line with expectations in its first quarter results.
However, the company lowered its 2003 fiscal year guidance from between $375 million and $425 million to between $350 million and $375 million.
RIM’s revenue for the first quarter was $72 million, up 8 percent from the previous quarter. Net loss was $10.8 million, up from $8.6 million in the previous quarter.
“I am pleased to report that RIM has once again achieved its quarterly performance targets as well as the strategic milestones that drive our continued success and leadership in the wireless enterprise sector,” said Jim Balsillie, the company’s chairman and co-chief executive officer.
Shares in RIM jumped almost 15 percent after the news to about $12 per share.
Also on the wireless enterprise front, communications and messaging company Critical Path Inc. said it expects to report revenues in line with its expectations for the quarter, while enterprise infrastructure company Sybase Inc. said it expects to report revenues slightly lower than its expectations.
Critical Path said its revenues for the second quarter should be between $22 million and $24 million, in line with its expectations. The company’s stock was up slightly after the news to about 85 cents per share.
Sybase, on the other hand, said it expects to report second-quarter revenues of $204 million, down from its previously expected $215 million. The company’s stock was up slightly to about $9.70 per share.
