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Poor Blackberry sales knock RIM share price

News of lower than expected first quarter Blackberry sales sent shares in maker Research in Motion (RIM) down 1.8% in New York.

News of lower than expected first quarter Blackberry sales sent shares in maker Research in Motion (RIM) down 1.8% in New York.

RIM announced that it had shipped 11.2 million Blackberry devices in its first quarter, ending 29 May - the bottom end of its quidance estimates of sales of between 11.2 million and 11.8 million, according to the Financial Times.

The number of new subscribers was also at the bottom end of RIM's guidance of between 4.9 million and 5.2 million, in contrast to rival Apple, which said it took a record 600,000 orders for its iPhone 4 on the first day.

RIM's share of the worldwide smartphone market in the first quarter fell to 19.4%, from 20.6% a year earlier, while Apple's share rose to 15.4% from 10.5%, according to Gartner.

RIM's reported first-quarter sales grew 24% on the previous year, to $4.24bn (£2.9bn), but this was below average analyst estimates of $4.35m.

However, earnings per share increased 41% on the same period in 2009, to $1.38, and quarterly profit was up 19% to $769m.

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