Morgan Stanley downgraded the stock and shares have hit an all time low this week, down 94% off their peak value. That's 94%. Which is why its investors are not happy - not one tiny bit - and they're saying it loudly. Employees too are writing letters and posting about how unhappy they are with the company direction.
New CEO German Thorsten Heins (ex Siemens) who took over in January, promised investors he'd transform Blackberry into a "lean mean hunting machine" (I wonder did he mean "fighting machine" and it got lost in translation?) and used real rallying cries of corporate pride. The share price fell a further 5% as he spoke.
As the "new" CEO he says a lot - "Blackberry will be in the top 3 smartphone producers, soon" - but it should be remembered that he's actually been with the company since 2007.
"I have assembled a leadership team for RIM that's truly capable of taking us into future," he told shareholders but at the same time, pushed back the launch of Blackberry 10 until next year, missing out on the holiday sales at the end of this year. This will allow his competitors to further extend their lead on Blackberry and of course, they'll have to suffer the launch of iphone 5 which might take more Blackberry customers.
Seemingly Thorsten felt that they'd rather postpone their launch until they got the new Blackberry "right". Quality before Speed. Hmmmm, great if you have the time luxury to do that - which this company just doesn't.
Apart from what is considered his "poor" communication skills (one reason perhaps is because he's hard to understand - never a good start in the old communication stakes) and the company's poor R&D (no touchscreen for example), he has an inability to convince staff to remain with the troubled company.
On Wednesday the head of the Australian/New Zealand operations stepped down only months after he was given the job in April. The head of the business in India left in November and a steady stream of senior staff have left too including its head of legal, head of global sales, a CEO and head of software.
But perhaps I'm being unfair - maybe they will do it - a lot of people don't think so though.
Funny really that no one in Blackberry even had the commonsense to see an irony as to where they had chosen to have this weeks investor meeting in Canada.
It was in Ontario.
A city called....Waterloo.