After analysts eagerly waited all week for Research In Motion to report stellar earnings, the Waterloo, Ontario-based company finally released results today after the bell, saying it met its expectations by adding 2.3 million Blackberry subscribers during the quarter, but that the outlook is a bit shakier. In after hours trading, the stock has fallen about $12.40, or nearly 9 percent, to trade at about $130.

Financially the company performed very strongly in the first quarter, reporting that revenue for the period totaled $2.24 billion, increasing 19 percent from $1.88 billion in the previous quarter and up 107 percent from $1.08 billion in the same quarter of last year. And, during the quarter, RIM (NSDQ: RIMM) shipped approximately 5.4 million devices, which worked out to be a net add of about 2.3 million subscribers to bring its total customer base up to 16 million people. The results were on target with the ranges RIM offered last quarter. It said at the time, it was expecting revenues between $2.23 and $2.3 billion, and net subscriber adds of about 2.2 million.

Still, as MarketWatch reports, analysts were expecting revenues of $2.27 billion, according to consensus estimates from FactSet Research, and the company’s forecast for next quarter, ending Aug. 30, seem to be below analysts expectations. RIM is projecting that revenue will fall between $2.55 billion to $2.65 billion, but analysts were projecting revenues of $2.44 billion for the period. Earnings are expected to come in between 84-89 cents a share, compared to current forecasts calling for 90 cents a share in earnings. The concern is that the iPhone 3G, which comes out in July and supports Microsoft (NSDQ: MSFT) Exchange, will bite into RIM’s customer base.

Release | Conference call (2:00 PM PT)

• Earnings Call: RIM Sees “Strongest Growth” Ahead; Bold Blackberry Coming This Summer