Research in Motion’s report Thursday that it has reduced its losses and increased its revenue appeared to convince investors that the Canadian company’s plans for the future were sound.
The results weren’t spectacular by any means, though they did exceed analyst expectations of $2.5 billion in revenue. RIM reported a loss of $235 million on revenue of $2.9 billion. It’s significantly less than during the same period last year, when the company reported $4.2 billion in revenue. But the fact that RIM reduced its losses — last quarter they reported a loss of $518 million on revenue of $2.3 billion — was a mark in its favor.
Shares of the BlackBerry maker shot up after the market’s close when the company announced its earnings report, after closing up 2 percent in the day’s trading. In the minutes after RIM disclosed its latest financial results, the stock shot up 17 percent and well over $8 per share. RIM shares had hit a nine-year low this week on news of an outage in Europe and Africa.