Research In Motion (RIMM) reported revenue and earnings exceeding our estimates. Revenue for the first quarter of fiscal 2010 was $3.42 billion, compared to $3.46 billion in the previous quarter and $2.24 billion for the same period last year. Gross margin improved sequentially, from 40% last quarter to 43.6% just reported. Adjusted net income of $0.98/share was above our estimate of $0.88/share and 17% above $0.84/share reported for the same period last year.
The company maintains a solid balance sheet, with cash, cash equivalents and long-term investments of $2.42 billion and no debt, an increase of $180 million for the reporting period. RIMM shipped 7.8 million Blackberry wireless devices in the quarter, and the total subscriber accounts reached 28.5 million.
The second quarter outlook provided management appears to be in-line with our earlier expectations of $3.45-$3.70 billion in revenue and EPS of $0.94 -$1.03.
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