Research In Motion posted a 37 percent increase in revenue for its fiscal Q2 earnings report, and Forbes recently dubbed it the “fastest-growing” listed U.S. company—but that hasn’t stopped investors concerned about continued competition from the iPhone and others, from selling off its stock. As a result, RIM’s share price has slipped from a high of about $88 to about $59, per Marketwatch. So the company announced a $1.2 billion buy-back plan today; its first since 2005.

RIM (NSDQ: RIMM) intends to repurchase up to 21 million shares (or 3.6 percent of its outstanding stock); the program starts Nov. 9, and could last up to a year. In a statement, the company said it didn’t think the buy-back would hurt its future growth plans, as RIM has a “strong balance-sheet” and expects cash flow growth over the next few quarters. The news sent shares up by about 2 percent. Release.

• RIM’s Stock Plunges Despite Being Super Bullish On BlackBerry; Analysts Are More Conservative
• Earnings: RIM Revenues Up 37 Percent; Posts Lower Earnings On Settlement Charges