Last week BlackBerry announced their Q1 FY2014 earnings. While the company’s cash reserves increased, their service revenue and subscriber base were down.

Additionally, the company refrained from formally announcing the amount of BlackBerry 10 devices shipped for the quarter. However, later in the earnings call we discovered it was only a mere 2.7 million, which was significantly less than what analysts had predicted.

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CEO Thorsten Heins then admitted that the company would likely see a loss in Q2. The company’s stock tumbled nearly 30%, and has since leveled out at $10.29 as of the closing bell today.

This sharp sell of BBRY was most likely a direct result of what many believe due to BlackBerry management hiding dire results. “So, how this company thinks it’s suddenly okay to not provide investors with this information is inexcusable. I exposed the year-over-year and sequential service decline last quarter. If I’m forced to speculate on how services performed this quarter, so be it. But logic says management would not withhold that data it the company was proud of the performance,” says Richard Saintvilus of The Street.

Saintvilus makes a fairly valid point. How can investors and analysts continue to stay bullish on BBRY if they do not know whether BlackBerry 10 smartphone shipments are doing well? A commenter on Saintvilus’ article brought up this interesting point:

When a company starts withholding information from investors it’s time to run for the exit. Thorsten Heins has been bluffing his way for more than a year now, promising amazing new products and a reversal of market erosion for BBRY. Many on Wall Street were buying his bull, but now the emperor has no clothes, This past quarter was critical to the company’s future. Instead of showing renewed strength and a promising future, Heins was forced to disclose his epic failure and this glaring reality: Customers don’t care about Blackberry anymore. This was his last chance, and now it’s too late for any sort of meaningful comeback.

By becoming even less transparent what’s clear is Heins doesn’t want folks to see how bad things are–and how much worse it’s going to get. And, clearly, he still thinks the investors are fools who will continue to buy into his deceits and bluffs. Nope.

I’m certainly faithful that BlackBerry 10 will do well. While the BlackBerry Q5 isn’t a flagship device, it will be a necessary ‘crutch’ for the company. Most of BlackBerry’s profits were from emerging markets, which is likely why they’re pushing out yet another BlackBerry 7 device. Hopefully, BlackBerry Q5 shipments will be strong, which can further BlackBerry 10’s market penetration.

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Do you think that BlackBerry deserves such negative reaction from Wall Street on their Q1 earnings? Should BlackBerry have been more transparent in its earnings report? Sound off in the comments.