RIM quarterly profit more than doubles yet disappoints

[Colin Dunstan]

Blackberry device maker Research In Motion reported after the closing bell today first-quarter net earnings of $132.5 million, or 67 cents a share, compared with $55 million, or 28 cents a share, a year ago (the increase was helped in part by a tax credit). Revenue was $453.9 million, compared with $269.6 million last year.

Nonetheless the company's stock (symbol: RIMM) dropped by nearly 6% in the after hours trades due to a worse-than-expected outlook for its current quarter while investors were expecting big increases in sales and earnings (RIM also didn't disclose how the failure of its recent settlement talks with NTP Inc. will affect its earnings).

Read the full first quarter results here.