Amtech notes that RIMM pre-announced last night, and says a miss was expected, only the magnitude was unknown. The subscriber miss is not surprising and firm thinks better than most had feared. Rev guidance suggests handset units were 600k—700K light at about 6.4 mln units. Firm believes a relief rally is probable. From these levels, the gross margin outlook is likely to separate the bulls from the bears. While controversy will not clear in the near-term, firm believes in the secular story and think the stock can provide very significant returns from here. New products came later than expected, but did drive subscriber momentum, and record activations were achieved in the last week of the qtr. Trajectory through the holidays and into the New Year is key for the stock.
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