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Research In Motion saw profits and sales increase for its second quarter, but the delay of its flagship device caused the company to miss analyst expectations.
The maker of BlackBerry reported its net income was $495.5 million, compared with $287.7 million for the same period last year. The company also reported revenue of $2.58 billion, an increase of 88% from a year ago.
Despite the increases, RIM missed analysts' expectations, and its shares dropped about 15% in after-hours trading. One major reason for missing the expectations was the delay of the U.S. version of the BlackBerry Bold.
The Bold will be the company's flagship device, and it has been released in multiple markets outside the United States. The powerful smartphone is highly anticipated, but there have been multiple delays due to battery and 3G connectivity issues.
While its stock may have taken a dip today, executives from RIM remain optimistic about the future.
"We shipped over 11 million BlackBerry smartphones in the first half and we're gearing up for an even stronger second half," said Jim Balsillie, RIM's co-CEO, in a statement. "Our enterprise business remains strong and our momentum in the consumer marketplace continues as we head into the holiday buying season with an amazing product portfolio and solid marketing support from partners."
The company is still the dominant leader in U.S. smartphone sales, and is making headway around the globe. RIM is also seeing increased adoption in the casual or prosumer market, which handsets like the BlackBerry Curve, Pearl, and the upcoming clamshell Pearl Flip.