Pierre Ferragu, an analyst at Sanford Bernstein describes Blackberry / Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)’s results as a “complete disaster” in an e-mail to CNET, as the company disappointed on virtually every single financial metric. Wall Street agreed with his assessment. BlackBerry lost more than a quarter of its market value, falling 25.5 percent to $10.69 in early trading this morning

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On Friday, the company posted a loss in its fiscal first quarter, whereas analysts had projected a profit. Compounding the negativity was the eventual disclosure that it only sold 2.7 million BlackBerry 10 devices in the quarter and saw its subscriber base fall by 4 million to 72 million.

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Sentiment Far Different From a Month Ago

The sentiment is far different from just a month ago, when Blackberry / Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) CEO Thorsten Heins declared during the annual developer conference that the company had gotten back some of its groove.

“It hasn’t been that easy, and there’s still a lot of work to do, but man, have we reached solid ground with this company,” Heins said during his keynote address at BlackBerry Live in May. At the time, he was met with thunderous applause from the BlackBerry faithful.

Today, Heins endured a string of painful questions ranging from his thoughts on the disappointing BlackBerry 10 sales to how much time the board had given him before he had to ditch his current plans.

Bleak Future For Research In Motion Ltd (BBRY)

It was a bad day for BlackBerry all around. The surprising and disappointing numbers underscore the continued challenges the company faces as it continues  its slow efforts for a recovery. But with losses expected to continue piling up, some are wondering if a comeback is even possible. With a market dominated by Apple Inc. (NASDAQ:AAPL) and Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930), Blackberry / Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) may be badly outgunned.

What’s worse is that the situation doesn’t look like it will be improving for a while. Blackberry / Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) warned it will post another loss in the current quarter and said it will continue to invest in products and services over the next three quarters, suggesting that the company will remain in the red for another year. Throughout it all, BlackBerry CEO Thorsten Heins asked for more time and a longer-term view from analysts and industry observers who seemed short on patience.

CEO Sought Patience from the Investment Community

In his response, Heins sought patience from the investment community, saying that the company wasn’t done launching products and noted that they each required significant marketing investment to stand out in a competitive market. He said fiscal 2014 (its current fiscal year) marks a period of investment, which will set the company up for growth next year.

“It’s a new experience, so this takes a bit of time, it takes some investment,” he said.