Blackberry leads Fortune's fastest growing companies list; Infosys ranks 100

Canadian technology icon Research in Motion (RIM), the maker of Blackberry smart phones, has been named as the world's fastest growing company, outperforming  Apple Inc, by the US business magazine Fortune.

The Fortune ratings of the world's top 100 fastest growing companies are based on the analysis of the company's turnover, profits and 3-year investment returns. This is the first year the list has been opened up for non-US companies. However, to be included in the list, the companies have to be listed in US Exchange and file quarterly reports.

The second position is occupied by Sigma Designs, US maker of System-on-a-Chip semiconductors for IPTV set-top boxes, blue-ray players, HDTV etc.

Chinese internet search and business company Sohu.com is at 3rd spot and other four Chinese companies too figure in the top 100 list.

Indian IT company Infosys Technologies ranks100 in the list and New Jersey-based Cognizant Technology Solutions which have large presence in India and China is 90th.

RIM, with 77-per cent average sales growth over the last three years, is placed way ahead of iPhone maker Apple, which is at 39th in the list, and Google is 68th.

Blackberry smartphones are integrated with software that enables access to a variety of data and communication devices and have become a favourite of city workers. The new-generation phones are making a foray into mainstream customers through stylish handset designs, multimedia, camera and partnership with social networking sites. 

Ontario-based RIM, founded in 1984, has been rapidly expanding especially in the past four years due to soaring revenues and profits, during which the workforce quadrupled. The company is swiftly expanding its operations from North America to Europe and Asia.

RIM has reported 77 per cent increase in revenues over the past three years and profits surged 84 per cent during the period, providing a total return of 45 per cent.

In the first quarter of fiscal 2010 which ended in May, RIM registered a whopping 53 per cent growth in revenues at $3.42 billion over $2.24 billion last year. The net income was $643 million ($1.12 a share) compared with $482 million ($0.84 cents a share), up 33 per cent.

The customer base too, has gone up by 3.8 million during the quarter, totaling 28.5 million.