"We believe the production levels of 1.5 million to 2 million units per month are well in excess of the sell-through," Faucette said in a note to clients on Tuesday, adding that the company is likely going to be forced to cut production levels.

“We have very, very good first signs already after the launch in the U.K.,” Heins said, referring to the device which features a keyboard, in an interview with Bloomberg Television today at the Milken Institute conference in Los Angeles. “This is going into the installed base of more than 70 million BlackBerry users so we have quite some expectations. We expect several tens of million of units,” he said.

“Salespeople were well-versed on the device and there was more apparent buzz versus the Z10 launch,” Misek said.

“If accurate, these cuts would mark a meaningful hit to BlackBerry’s own expectations, and full-year units will come in well below consensus views,” said Blair, who is based in New York.

“The recent carrier launches in the U.S. have provided no evidence of meaningful sell-through, and a production cut could simply be a reaction to weak sales, post the U.S. launch, and an effort to avoid a channel inventory buildup.”

“The build plans have steadily been increased since February.”

“Our Asia checks indicate that the builds have recently increased from 2M/month to 2M+.”

Based on our checks we believe confirmation that 2-3 additional BB10 models are likely to launch before year end. A mid-range (i.e., ~$400) keyboard, a mid-range touch, and a 5? Z10-like device (slated for year end launch). None of these models are in our estimates.

In Hong Kong/China and Singapore, the tone and commentary was materially better than we expected. In Singapore, commentary also highlighted how strong Indonesia was doing and noted major lineups of a 1,000+ at launch. Overall, we believe overall sell-through data is holding steady and Q10 pre-sales seem to be very strong in the business channel. We believe product launches for the next two quarters combined with steady sell through and low expectations set up for a material short squeeze […] Our anecdotal U.S. discussions contradict recent allegations that Z10 returns are exceeding sales. Overall, our checks indicate typical return rates. Of the few phones that were returned, the only main commonality we found is that buyers thought the Z10 had a keyboard. As it does not, they returned it and will buy the Q10 instead.

“While the company is certainly not out of the woods, we believe the stock is worth a second look given the stabilized operational results, pending launch of the highly anticipated Q10 keyboard device (which should be supported by a strong corporate refresh), and a possible rejuvenation of takeover speculation,” he said in the report.

“In our view, given the hyper competitive market and major internal product transition, we believe the results of the past two quarters have been nothing short of remarkable,” said Tse. “Operating improvements thus far under such extreme challenges give us reason to believe in BlackBerry’s ability to execute on BB10 as having better odds than we originally would have anticipated.”

"While we thought the international launch was solid, the U.S. launch is critical for BlackBerry's ultimate success," Goldman analyst Simona Jankowski wrote in a research note.

Our retail checks at over 20 store locations since March 22, including at AT&T, Best Buy, BBY and Radio Shack, revealed a surprising lack of marketing support and poor positioning of the product.

We also saw limited advertising around the launch."

"You got to win here to win everywhere else," he said. "That's just the way it is. We've lost market share quite a bit, to put it mildly, and we absolutely need BlackBerry 10 to turn us around."

"With the launch of BlackBerry 10, I believe I have fulfilled my commitment to the Board," Mr. Lazaridis said in a statement.

"I believe I am leaving the company in good hands. I remain a huge fan of BlackBerry and, of course, wish the company and its people well."

"External growth remains a question of opportunities," said Yang Yuanqing, Lenovo's CEO, in an interview with Les Échos.

"As for BlackBerry, the file could eventually make sense, but I must first analyze the market and understand the exact weight of this company," he said in response to a question about whether Lenovo would make a move on BlackBerry.

"We believe a takeout of BlackBerry is unlikely, especially in the near term, nor is our investment thesis or 'outperform' rating predicated on such an event," said Wells Fargo analyst Maynard Um, in a note to clients.

"in no way was this an indication of activity or strategic direction."

"We believe the Street is pricing in such a weak fiscal 2014 that BB10 does not need to be an outstanding success to surprise," Scotiabank analyst Gus Papageorgiou said in a note to clients on Monday.

"Gross margins should begin to move higher as more Z10s enter the mix," he said. "Next quarter will be the true test as BB10 launches in the U.S."

“We are receiving a very positive response to BlackBerry 10 from our customers, but it’s also been attractive for customers coming from other platforms,” Heins said in an interview with Expansion.

“We are a little surprised by that.”

“Operators are supporting us a lot because they want BlackBerry 10 to be an alternative to Samsung and Apple and they’ve seen it’s a real alternative,” Heins said in the Expansion interview.

“Our checks indicate that as sell-through run-rates for the Z10 have declined meaningfully in the weeks following launch, we believe carriers and third-party retailers in the U.K. are already well above typically targeted inventory levels,” he writes. “Canadian carrier stores and retailers also appear to be rapidly approaching targeted levels, in our view.”

“We are concerned that such early pricing action combined with high inventory levels may ultimately push the Z10 down market with meaningful negative impact to gross margins,” he writes.

“We continue to believe that the company likely shipped roughly 275,000 to 325,000 Z10s in the February quarter for the U.K. and Canadian markets,” he writes. “Further, we estimate that the company is likely to ship one to two million units in the May quarter, with sell-through likely well below that figure. As such, we believe optimism around BBRY is overdone at current levels and would remain sellers.”

“Given our store surveys indicated modest Z10 sales in the U.K. and Canada with limited initial inventory levels, we admittedly reduced our February quarter sell-in estimates too low for the first month of the Z10 launch,” Mr. Walkley said in a research note today.

“With the Z10 launching in additional markets the last weeks of February, we have increased our February quarter BB10 smartphone sell-in estimate from 300K to 800K units,” he said.

“Our follow-up surveys have indicated steady but modest sales levels for the Z10. With new BB10 smartphones launching in the U.S. only in mid-March or later at subsidized prices no better than competing high-end Apple/Samsung smartphones, combined with our expectations for the Galaxy S IV to launch at a similar time frame in the U.S. market, we anticipate BlackBerry will struggle to reclaim high-end smartphone market share,” he said.

“Given our store surveys indicated modest Z10 sales in the U.K. and Canada with limited initial inventory levels, we admittedly reduced our February quarter sell-in estimates too low for the first month of the Z10 launch,” Mr. Walkley said in a research note today.

“With the Z10 launching in additional markets the last weeks of February, we have increased our February quarter BB10 smartphone sell-in estimate from 300K to 800K units,” he said.

“Our follow-up surveys have indicated steady but modest sales levels for the Z10. With new BB10 smartphones launching in the U.S. only in mid-March or later at subsidized prices no better than competing high-end Apple/Samsung smartphones, combined with our expectations for the Galaxy S IV to launch at a similar time frame in the U.S. market, we anticipate BlackBerry will struggle to reclaim high-end smartphone market share,” he said.