Fortune magazine names Research in Motion world's fastest-growing company

Waterloo, Ont.-based RIM - one of Canada's most valuable companies with a stock worth of $44 billion - was one of two Canadian businesses that made the top 10 after Fortune opened its 100 Fastest-Growing Companies list to non-American businesses for the first time.

RIM holds a 56% share of the US$12-billion - and growing - American smartphone market, and is expected to see three-year average earnings-per-share growth of 84% and revenue growth of 77%. Fortune says this is largely on the strength of RIM's foray beyond the corporate world into the highly competitive consumer market.

In its latest quarterly report, RIM said it earned US$643 million, or $1.12 per share, compared with $482.5 million, or 84 cents per share a year earlier. Revenues rose 53% to US$3.42 billion. RIM also added 3.8 million new subscribers in the quarter, bringing its overall subscriber count to 28.5 million.

The Fortune article compared RIM's co-CEOs Jim Balsillie and Mike Lazaridis to Apple head Steve Jobs. By comparison, Apple takes 39th place in the magazine's top-100 list.

 

Source: The Canadian Press

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