NEW YORK ( TheStreet) -- It is hard to quantify how unimpressive if not abhorrently pathetic smartphone manufacturer Research in Motion ( RIMM) has become. Research in Motion at its peak had Wall Street by the collar and made the word "BlackBerry" synonymous with enterprise status -- an iconic presence that transcended to pop culture with consumers wearing their phones like wannabe corporate executives. Even high school students could not get enough of the BlackBerry craze that eventually made its ways to Jay-Z rap songs.
However today, consumers don't go around admitting they own a BlackBerry. It would be like admitting a battle with low self-esteem or like a display of gross stubbornness, an inability to leave the past behind. Though the company has clearly lost its battle with Apple ( AAPL) and Google ( GOOG), investors have continued to think RIM would come up with a way to survive or maybe even was just one good idea away from regaining its form. One such idea hinged on the BlackBerry 10. Hope reigns eternal but is not an investment strategy. As it turns out, hope was all the company had for this project.
RIM appears to have already forgotten that it recently reported revenues of $4.2 billion -- a drop of 19% from the previous quarter. Management said the decline was caused by BlackBerry smartphone shipments falling from 14.1 million in Q3 to 11.1 million in Q4. Not only are consumers speaking with their wallets but investors have also been screaming with their positions, evident by the fact that the stock has also lost over 70% of its value over the past 52 weeks. The company still does not get it and in stubborn fashion has ignored the future of mobile data and disregarded the needs of its consumers.