NEW YORK ( TheStreet) -- Beleaguered BlackBerry maker Research in Motion ( RIMM) has become a mystery to me. Considering the stock once traded at $140 and now sits under $10 per share, I don't think I'm alone.Regardless of what the company does from this point forward, it is certain to be dissected and become a case study in business schools for many years to come. But at the moment, on the heels of its recent earnings report, the company is making a case that the rumors of its death just might have been exaggerated.
It beat its own low expectations, but anyone that has been following the RIM narrative understands what this really is. Aside from the loss in profit, what the numbers really showed were significant declines in revenue as well as sustained weakness in gross, operating and profit margins which arrived at 26%, -12.63% and -8.18% respectively. Not only did the numbers show a drop from the prior quarter, but they lead to an overall gross margin dollar decline of 5.2%. Essentially its report was merely "less bad" than everyone expected.