Cellphone pioneer BlackBerry (BBRY)  provided bullish investors with renewed hope this week.

On Monday, the company said that it is steering a course to self-driving vehicles, boosting its shares. And on Tuesday, better-than-expected quarterly earnings spurred BlackBerry's stock to rise more.

However, investors started feeling less optimistic about BlackBerry's future by Wednesday, and the stock has slipped since then.

But are investor concerns about the Canadian company founded? Or is BlackBerry truly poised for a comeback?

The company said that it is opening a facility in Ottawa, Canada, devoted to researching technology related to self-driving vehicles. The goal is to build an autonomous concept car as part of a partnership with PolySync, Renesas Electronics and the University of Waterloo.

BlackBerry intends to pay $75 million for the plant, with most of the money being spent on new job creation.

Then came the release of third-quarter adjusted earnings of a penny, compared with a loss of 2 cents a share that analysts had expected.

However, BlackBerry missed on revenue, reporting $301 million, versus the consensus forecast of $332 million.

Regardless, investors were still pleased with the results, especially after BlackBerry raised its full-year outlook to break-even from an earlier estimate of a loss of 5 cents a share.

"We achieved significant milestones in the third quarter, delivering the highest gross margin in the company's history for the second consecutive quarter and continuing to transform our infrastructure and operations," Chief Executive John Chen said in a statement.

Investors' initial enthusiasm, fell off, proving that investors aren't sold entirely on BlackBerry's turnaround yet.

They have good reason to be cautious. After all, in a few short years, BlackBerry wiped 95% of the market value from its stock.

In 2009, BlackBerry traded as high as $139 a share, but its stock has fallen to about $7.30 apiece.

However, for investors who aren't afraid of a little risk.

BlackBerry may make an interesting long-term play on cutting-edge technology. Whereas once the company was the leader in terms of smartphone technology, it quickly lost its crown to Apple and Google parent Alphabet, which released more appealing, high-tech phones.

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BlackBerry already has a foothold in the car sector, enjoying a partnership with Ford Motor, for which the company already manufactures software. And BlackBerry is also making inroads into the mobile-software security industry.

In addition, Chen is capable and has was responsible for a turnaround at his previous company, Sybase, which resulted in a sale to SAP for $5.8 billion.

Long-term investors with strong stomachs could find that BlackBerry is a rewarding play as the company attempts to reinvent itself.

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The author is an independent contributor who at the time of publication owned none of the stocks mentioned.