RIM Reports Record BlackBerry Sales As New iPhone Launches

On the same day Apple released its much-anticipated iPhone 4G, Canadian tech firm Research in Motion (RIM) has announced an impressive 20 per cent increase in its fiscal first quarter net income. Given the hype surrounding the new iPhone, it may be the last good news for RIM for a while.

Waterloo, Ontario-based Research in Motion produces the popular BlackBerry smartphone, a rather ubiquitous device within most modern business environments. For some time analysts have predicted that the BlackBerry could face a serious threat from the iPhone -- which is seen more as a pleasure than business-oriented device -- but these most recent numbers suggest RIM continues to do just fine.

RIM Revenue, Shares Up

In addition to its 20 per cent net income increase, RIM also noted that it has shipped 11.2 million BlackBerry handsets during its first quarter. The company also plans to repurchase about 31 million shares in the next year, a move largely resulting from increased profits, which RIM says were $768.9 million. Company shares have risen to $1.38 each, up from $1.12 (when profits were $643 million). (Source: marketwatch.com)

RIM revenue also received a boost, reportedly jumping 24 per cent to $4.24 billion over the three months completed on May 29. All of these reports fit roughly with predictions provided earlier in the year by Wall Street analysts.

iPhone 4G Presents New Threat

Of course, these figures could take a dip over the next quarter, as Apple unleashes its much-hyped iPhone 4G on the smartphone market. Thousands of Apple fans stood in line for hours on Thursday to get their hands on the device, which is the fourth version of the phone since its 2007 launch. It features a sharper screen resolution, slimmer frame, and longer battery life than its predecessors. (Source: youtube.com)

The iPhone 4G has also received much more media attention than any recent BlackBerry release, though it's debatable whether the two markets really converge.