(Read More: RIM Unveils BlackBerry 10, Changes Company Name )
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."