"For many investors going into the earnings, people thought this was the end of the beginning," Doradla said. "Now it appears this is the beginning of the end for the company."
Other analysts see a way forward for BlackBerry.
Jefferies analyst Peter Misek has a "buy" rating on the stock and a $22 price target. His bullish outlook is not based on a revival of BlackBerry's smartphone business, but on software, particularly the software to manage mobile devices.
"The high end of the smartphone market is saturated and it's bad for everyone—Samsung, Apple and BlackBerry just got crushed," he told CNBC.
(Read More: The 'Next Big Things' in Wearable Tech)
The Jefferies analyst said that smartphone inventories for every manufacturer he tracks are building as the market reaches saturation.
Misek added that all the growth is at the low end. But that's not a market where Apple, Samsung or Blackberry "can play or make money."
Mark Sue, analyst with RBC Capital Markets, has a "market perform" rating on BlackBerry shares and said the stock is likely to remain range bound between $15 at the upper end and $8.50 at the lower end.
That may make it a stock for traders, Sue said.
