Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) may very well end the continuous decline in the shipments since the last five quarters, reflecting the notion that the handset maker is well on a path of recovery.

BBRY Blackberry Research in Motion

For the quarter ended May, Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) shipped 7.7 million smartphones, says data from Bloomberg. The numbers stand impressive compared to 6 million units in the prior quarter from 11 million a year earlier.

BBRY’s Q10 helping

Much of the traction gained may be attributed to new models launched by the Waterloo, Ontario-based company. Though the touch-screen Z10 is getting mixed responses from users, the Q10 that has a physical keyboard has been received well by the faithful’s.

Maynard Um, a Wells Fargo & Co. analyst, said “The die-hard BlackBerry installed base of 76 million subscribers loyal to the keyboard presents a strong upgrade opportunity.”

Analyst Say

Um is one of several analysts who raised the sales estimates or ratings for Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) before the handset maker announced the earnings on June 28.

Andy Perkins, analyst at Societe Generale SA (ADR) (OTCMKTS:SCGLY) (EPA:GLE) in London told “The new BlackBerry handsets are holding up reasonably well against a number of recently released handsets.” Last week, the Perkins put the stock from a sell to a buy, citing better sales momentum.

Analysts at Jefferies have a ‘Buy’ rating on Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) stock with a price target of $22. As per the analyst, they analyzed the results of suppliers Jabil/Wistron and performed UK store checks.  The checks have ensured that the May and August quarter sales will be higher than the street estimates.

Research In Motion Ltd (BBRY) – The Turnaround

At the close on Friday in New York, Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) fell 1.5 percent to $13.78. This year the shares are up 16 percent and have doubled after touching a nine-year low in September.

After taking over as the Chief Executive Officer in January 2012, Thorsten Heins has implemented a number of measures including new sales, marketing and legal chiefs, and saving $1 billion in operating costs by closing six of 10 manufacturing sites, slashing headcount by 5000 and one of two corporate jets.

Market Share

For the current quarter, shipments are expected to decline again as sales of older models will decline while sales of the Q10 will peak after a wave of upgrades.

According to research firm IDC, the global smartphone market for Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) has declined to 2.9 percent last quarter from 6.4 percent a year earlier. Apple Inc. (NASDAQ:AAPL)’s iOS and Google Inc (NASDAQ:GOOG)’s Android platform account for 92 percent of the market.