The days of BlackBerry as we know it are numbered, experts said Monday.
"This company cannot be turned around," said Trip Chowdhry, an analyst at Global Equities Research. "It's a one-product company, and that product is almost obsolete. The world has declared the winners are Apple and Google. ... The market is going to be run by only two players—there won't be a third category or others."
BlackBerry announced Monday that it was replacing CEO Thorsten Heins, along with much of the rest of the leadership team. In addition, it said that instead of a direct buyout, Fairfax Financial and other institutional investors would invest $1 billion in the smartphone maker through convertible debt securities. That deal is expected to be completed in the next two weeks.
In September, BlackBerry agreed to be purchased by Fairfax for $9 a share in a deal totaling $4.7 billion. It also entertained bids from other suitors.
Since neither Fairfax nor any other party is buying BlackBerry, it clearly needs to make big changes to survive, said James Faucette, a wireless equipment analyst for Pacific Crest Securities.
"Nobody got what they wanted," he told CNBC's "Squawk on the Street." "The people who wanted to take the company private obviously couldn't raise the debt that they wanted. Those who wanted to see it stay public and stay on its track—or it's attempted recovery track—they're going to be diluted if it is successful."
But, Faucette added, "you're going to have to see massive changes in their business structure. If it's going to survive, it's going to have to look much different than it does today."