BlackBerry maker Research In Motion (RIMM) posted an in-line quarter, but shares are down more than 5% after-hours. Why? Because people are still expecting more of RIM — and the smartphone maker just isn’t surprising anyone anymore.
During Q1, RIM reported $3.42 billion in revenue, up 53% year-over-year and in line with the Street’s $3.41 billion consensus. But many were expecting RIM to blow those numbers out, including RBC’s Mike Abramsky, who was expecting a “strong Q1 beat” and $3.6 billion in sales.
Same for new subscriber sign-ups: RIM reported 3.8 million net new subs, but Abramsky was looking for 4.2 million.
And RIM’s Q2 guidance isn’t particularly strong, either. The company predicted a midpoint of $3.58 billion of sales and 3.95 million new subscriber sign-ups. But Abramsky was hoping for $3.7 billion of sales and and 4.2 million new subs.
The good news is that RIM, unlike some of its rivals, is still growing. But just not as fast as investors are hoping.