Research in Motion was up in the stock market on Wednesday afternoon after it released the second quarter report. The second fiscal term, ended September 1, showed optimistic view of the company compared to year-earlier quarter.

Although the company announced a loss in EPS of 27 cents a pop, it was better than the 40-cent loss predicted by analysts in a poll conducted by Thomson Reuters. It had reported an 80-cent loss in the year-ago quarter.

The revenues fell compared to the year-earlier quarter, by  a whopping 30 percent. However, promising news was that they were up 2 percent sequentially from the past first quarter. The company reported revenues of $2.9 Billion, which also beat analysts’ take of $2.5 Billion in the poll.

“Despite the significant changes we are implementing across the organization, our second-quarter results demonstrate that RIM is progressing on its financial and operational commitments during this major transition,” RIM CEO Thorsten Heins said in a statement.

RIM is the process of reformatting its organizational structure. The most important part of their new strategy is the upcoming BlackBerry 10. The company has a lot riding on the new mobile operating system which is expected to be launched early next year.

“Make no mistake about it,” Heins said. “We understand that we have much more work to do, but we are making the organizational changes to drive improvements across the company.”

However, RIM’s financial woes are far from over. The sales in the current quarter were almost half the previous term. The company need to keep the sales of BlackBerry smartphones and tablets afloat until the new operating system comes aboard.

“While it is encouraging to see new management take actions to start the process of turning around the company, including changing up the management, the hard work remains ahead,” Colin Gillis, a research analyst with BGC. “Our opinion is it is too soon to tell if the company can rebound.”

The shares rose 17 percent in the afterhours  following RIM’s announcement of the report.

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