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While the new smartphones, the Blackberry Q10 and Z10, are designed competitively, the company's decision to be less reliant on its service revenue model—which accounts for about one-third of its revenue— puts the company in jeopardy, she said.
"I just think it wasn't enough. We still have really strong doubts and it really is more related to the model and the service revenue changes, which was really high margin revenue stream for them," Fritzsche said. "The buzz around the phone actually was quite good from a lot of the reviewers and it's competitive. But I think for RIM it's a little too late...It's just very hard to make money even when you're shipping 30 to 50 million units a year, you need more and that's the slippery slope that RIM is changing."
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To make matters worse , the new handsets are not going to be available in the U.S. until March, and that delay definitely hurts the company, she said.
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"I think it's a huge disadvantage for them because it just gives the competition enough time to continue to react," she said. "There is a strong belief that Samsung will come out with another competitive product around the Galaxy family before that time."
RIM is rolling out the new devices earlier in some countries, but delays in the U.S. testing process could push the March release date back even further, she said.
And when consumers finally do get their hands on the Blackberry 10 phones, they may be disappointed with their app selection, which doesn't hold a light to the apps offered on Apple's iOS or Google's Android platform, she said.
While RIM did launch its app store with over 70,000 apps, it is missing some crucial applications that consumers have shown they want, she said
"There are some significant apps, like Pandora, Spotify, Instagram that are missing, so it becomes sort of a chicken and egg type thing. You know people will come to them only if certain apps are there and if those apps come, then the people probably will come," Fritzsche said.