Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) is still reeling from the effects of its latest weak earnings report, and now analysts are taking a closer look at the unique problem the company faces in various markets.

BBRY Blackberry Research in Motion

BlackBerry’s Subscriber Growth Mixed

The company’s recent 6-K filing indicates that growth around the world is quite mixed for Blackberry. Subscriber accounts in Europe, the Middle East and Africa fell 11 percent year over year, although they rose 5 percent in Latin America and 29 percent in the Asia Pacific region year over year. JPMorgan analysts Rod Hall and Ashwin Kesireddy note that Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) did not provide information on subscriber growth in its key North American market, probably because subscribership in the region fell.

Latin America has traditionally been another important market for the BlackBerry maker, and the company provided some insight into what’s happening in Venezuela. It said it doesn’t sell devices directly into Venezuela. Instead it invoices its carrier partners in USDs for service access fees. Then the carriers review those fees and make application to the Foreign Exchange Administration Board in the country.

The problem Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) is having stems from new FX restrictions which are making it more difficult for carriers in Venezuela to obtain U.S. Dollars in a timely fashion. This has the potential to take a bite out of the company’s Latin American market, so it’s a significant risk to a company that’s struggling for market share.

Research In Motion Ltd (BBRY) Faces Other Issues

JPMorgan analysts also note some other issues in the BlackBerry maker’s near term. The company expects to see a $100 million pre-tax charge in connection with its Cost Optimization and Resource Efficiency program.

One area that could either be cause for concern or a positive is the fact that two major customers made up 23 percent of Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB)’s revenue for the quarter. In the same quarter a year ago, one customer made up 14 percent of the BlackBerry maker’s quarterly revenue. The next quarterly report will give some important indication about whether other big customers are interested in going to BlackBerry 10. Some analysts believe interest in BlackBerry 10 is minimal.