While analysts were looking for earnings of about 8 cents per share, BlackBerry reported a
of 13 cents per share.
On top of that, BlackBerry missed revenue estimates by nearly 10%, and Borchardt said the company also missed on nearly every other metric, including unit sales and subscribers -- which declined over the quarter.
The company did not provide unit sales. This is different from companies such as
, which put all of its numbers out in the open.
Rogers said that with restructuring efforts going on in the background and the recent management shakeup, BlackBerry's turnaround looks like it will take longer than most had originally thought.
The company is also putting its tablet on the backburner, since management doesn't think "there's going to be a tablet market five years from now," Borchardt said. She added that the market didn't seem too convinced of this new thesis.
Rogers wasn't either, saying that it was "nonsense," and pointed to Apple's continued success in the area.
He concluded that he would stay on the sidelines for BlackBerry, citing too many unknowns for the company at this time.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.