Is this the beginning of the end for BlackBerry? That's what a lot of people are asking after the company's share price lost more than a quarter of its value on the back of Friday's grisly Q1 earnings report.
The BlackBerry share price on the NASDAQ closed at $10.46 on Friday, down 27.8% for the day, and is trading at the kind of levels last seen six months ago.
Problem is BlackBerry at that point hadn't released a meaningful new product in a year, and had just been through a major downsizing in a bid to reduce costs, whereas today there's little left to cut, and no shiny new OS on the way to springboard the company back to its former greatness.
That new OS is already here, and many investors clearly don't think it can get the job done.
The main criticism is that the new BlackBerry 10 handsets are simply too expensive. Sure, the Z10 and Q10 are premium devices, but when you're average Android phone maker can knock out quad-core handsets of an acceptable quality for half the price a BB10 device will set you back, you've got a problem.
But are the naysayers jumping the gun? After all, the figures cover the period from March to May (BlackBerry's internal Q1 2014 quarter), but the flagship Z10 was only available in certain markets for that whole period. As for the Q10, it only went on sale, again in selected markets, at the end of April, so will only have contributed a small number of the 2.72m BB10 handsets shipped over the quarter.
Then there's the more downmarket Q5, which is just appearing now to appeal to mid-range QWERTY lovers put off by the high price of the Q10, with a cheaper variation on the all-touch Z10 expected too in due course.
Factor all that in and things aren't looking that bad, even if they aren't entirely looking good either.
The bigger problem is how does BlackBerry match tech giants like Apple, Google, Microsoft, Samsung and Sony (to name but a few) when it comes to the resources it can throw at marketing, R&D and developer incentives.
The quality of the BlackBerry 10 hardware and software isn't in dispute, and unlike with fellow “fallen giant” Nokia, very little criticism can be levelled at the man in charge, Thorsten Heins.
But success in the mobile industry is hard to come by right now unless you're Apple or Samsung, and for all the talk of a third ecosystem by Microsoft and BlackBerry, there's nothing guaranteeing success for either of them.
And for BlackBerry's part anyway, there aren't too many cards in the deck still to play.