INSTANT VIEW: Research In Motion quarterly results

TORONTO (Reuters) - BlackBerry maker Research In Motion (RIM.TO) (RIM.TO)(RIMM.O) reported a higher first-quarter profit on Wednesday, but its shares dropped sharply in late trading as the results and forecast fell short of what analysts were expecting.

KEY POINTS:

-RIM Q1 share $0.84

-RIM sees Q2 share $0.84 TO $0.89

-RIM sees Q2 2009 revenue $2.55 bln to $2.65 bln

-RIM Q1 revenue rose 107 pct to $2.24 bln

-RIM says about 2.3 mln net new Blackberry subscriber accounts were added in the quarter

-RIM sees net subscriber account additions in Q2 at about 2.6 million

COMMENTARY:

NICK AGOSTINO, ANALYST, RESEARCH CAPITAL:

"Overall, I think the quarter was decent."

"I go through their numbers versus my estimates and it pretty much matches up up and down the line."

"The disappointment is on the guidance side and hence the reason for the (stock) selloff."

"However, when I look at the top line guidance I think it is probably better than expected. The focus is going to be on the bottom number which is coming in below the expectations."

"And obviously what we are going to need to see clarity on the call is is that difference because of gross margin or is that difference because they are ramping up on the (operating expenditures) side."

"So the question there is, is that a short term ramp up or is this going to be a new steady state?

DUNCAN STEWART, PRESIDENT, DUNCAN STEWART ASSET MANAGEMENT:

"The numbers in fact look perfectly fine in every respect except one. It appears as if they are forecasting earnings for the next quarter to be slightly lower than the consensus estimates. Every other metric is better."

"So both Q1 and Q2 the numbers are fine. So it's a little hard until we get the conference call to know why revenue and subscribers are both better than people were looking for but earnings were a little weaker."

PETER MISEK, ANALYST , CANACCORD ADAMS:

"The quarter looks OK, nothing spectacular but the guide looks a little bit better than the street and about in line with what people were whispering."

"The shipment number in this quarter was a little bit lighter than we expected but it looks like they are making up for it in the August quarter."

(Reporting by Frank Pingue and Wojtek Dabrowski; Editing by Peter Galloway)