(RTTNews) - Research In Motion (RIMM) dropped in pre-market trading, after the company lowered its third quarter guidance.
The stock was down $3.07 just after 8:25 am ET, declining to $34.25. If pre-market gains hold, the stock will open at its highest level since October 2006.
After the closing bell on Tuesday, Research In Motion said it expects third quarter earnings in the range of $0.67-$0.71 per share, compared to initial forecast of $0.89-$0.97 per share.
On a non-GAAP basis, the company now expects earnings per share to be in the range of $0.81- $0.83 compared to previous guidance range of $0.89- $0.97.
The company now expects third quarter preliminary revenue to be in the range of US$2.75 billion to US$2.78 billion, lower than the prior forecast range of US$2.95 billion to US$3.10 billion.
Analysts expect the company to report earnings for the quarter of $0.91 per share on $2.96 billion revenues.
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