December 3, 2008 / 4:49 AM / 9 years ago

UPDATE 1-RIM cuts Q3 outlook on strong U.S. dollar

* Cuts Q3 earnings and revenue outlook

* Sees Q3 adj. shr of 81-83 cents

* Sees Q3 revenue of $2.75 bln to $2.78 bln

* Sees Q3 net new BlackBerry subscribers of 2.6 mln (Recasts; adds details, CEO comment)

Dec 3 (Reuters) - Research In Motion Ltd RIM.TO RIMM.O on Tuesday cut its third-quarter outlook below Wall Street expectations, hurt by depreciation of certain foreign currencies relative to the U.S. dollar in the quarter.

The maker of BlackBerry phones now expects third-quarter adjusted earnings of 81-83 cents a share, on a revenue of $2.75-$2.78 billion.

Adjusted earnings per share excludes a negative impact on RIM’s tax rate due to depreciation of the Canadian dollar relative to the U.S. dollar in the quarter, RIM said.

The Canadian high-tech star had previously expected to earn 89-97 cents a share for the third quarter, on revenue of $2.95-$3.10 billion.

Analysts, on average, were expecting third-quarter earnings of 91 cents a share, excluding items, on revenue of $2.95 billion, according to Reuters Estimates.

The expected number of net new BlackBerry subscriber accounts added in the quarter would be about 2.6 million, lower than its previous forecast for 2.9 million, RIM said.

“Product launch timing, general economic conditions and foreign exchange volatility have tempered our results in the third quarter,” Co-Chief Executive Jim Balsillie said in a statement. (Reporting by Sakthi Prasad in Bangalore, Editing by Ian Geoghegan)

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