Research In Motion Q1 Profit Rises 33%

(RTTNews) - Blackberry maker Research In Motion Ltd. (RIMM: News ,RIM.TO: News ) said Thursday after the markets closed that its first quarter profit rose 33% from last year, helped by strong sales of its smartphones and impressive market share gains. The company’s quarterly earnings per share also came in above analysts’ expectations. At the same time, the company forecast second quarter earnings and revenue broadly in line with analysts’ current expectations.

The Waterloo, Canada-based company reported GAAP net income for the first quarter of $643.0 million or $1.12 per share, compared to $482.5 million or $0.84 per share for the year-ago quarter.

The latest quarter results include the impact of certain unusual items that were recognized in the quarter, including a charge of $96.4 million relating to the payment of certain employee tax liabilities relating to certain exercised stock options and the foreign exchange impact relating to the enactment of the functional currency tax rules in Canada that became effective in the quarter. The results also included a benefit to the company’s income tax provision of $175.1 million mainly as a result of the enactment of the functional currency tax rules.