The smart money abandoned Blackberry eons ago. Some even smarter money has been busy for at least the past year trying to drive the price down while accumulating massive positions in the stock.
Being neither an insider nor a professional analyst, I don't know to what extent the quarterly reports are simply exercises in creative writing. Seems to me that real losses would preclude an increase in cash on hand.
Some losses are more real than others, and a lot of the losses reported at BlackBerry are rather nebulous to say the least. When you announce multi-billion dollar write-downs on inventory you make some impressive share-value-destroying headlines, which I suspect is the intent, but the inventory is still there and people are still buying the product.
In spite of all the obits that have been written for BlackBerry over the past couple of years, the fact is that the company remains a global brand with serious market share in many emerging markets.