High tech Wobegon

25 September 2009 By Robert Cyran Follow @rob_cyran

Basic mobile phone handset sales have matured. So manufacturers tout the prospects of their advanced models. Investors seem to think every firm can sew up the market. The lukewarm quarterly report from BlackBerry maker RIM signals more disappointments ahead for the credulous.

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Research in Motion on September 24 reported revenues of $3.5bn for the quarter ending on August 29, an increase of 37% over the same period last year. Analysts had expected the BlackBerry maker to report $3.6bn of revenue.

The company expects revenues of $3.6bn to $3.85bn in the current quarter. Analysts had on average expected $3.9bn.

Rival handset maker Palm sold 23m shares on September 23 at $16.25 apiece, a 5% discount to the previous day's closing price. The firm's stock price has nearly doubled over the past six months.

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