RIM's BlackBerry Winter

Company officials blamed the disappointing growth on delays in shipping two new BlackBerry devices, but some analysts have suggested that the trouble is more due to growing competition.

Strengthening the bears' case was the company's subscriber report for last quarter. In the company's fiscal second quarter, subscriber growth came in at the low end of projections.

And if the number of subscribers RIM purged last quarter is included -- which the company dismissed as a "one-time event" -- net subscriber growth came in far lower than expectations.

The problems have weighed on the company's shares, which also had a bad quarter and a bad year. The shares are off 19% since late September, when the company last reported earnings, and are off 24% in the year to date.

They ended Tuesday's regular session off 93 cents to $62.08 and lost 28 cents in after-hours trade.

Get Jim Cramer's picks for 2006.