Over the past three months, the stock of Research In Motion (NASDAQ:RIMM) has staged a stunning comeback, with a return of nearly 80%. But with RIM’s latest earnings report, investors have lost their confidence again. In early Friday trading, the shares are off 18% to $11.58.

True, there was some good news in the report. RIM’s adjusted loss of 22 cents was better than the Street forecast of 35 cents, and its cash position came to $2.9 billion, up from $2.3 billion in the prior quarter.

But all this wasn’t enough. In the quarter, RIM lost 1 million subscribers, bringing the total down now to 79 million. All in all, the competition from Apple‘s (NASDAQ:AAPL) iOS and Google’s (NASDAQ:GOOG) Android remains intense.

What’s more, RIM will make major changes to the pricing of its services business, which accounts for a third of overall revenues. If there’s a material drop, it could be trouble for the cash flows.

Essentially, RIM is placing a mega-bet on its launch of its BlackBerry 10 smartphone operating system and devices, which hit the market on Jan. 30. If it’s not a hit, the stock will likely see further deterioration.

Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook” and “High-Profit IPO Strategies: Finding Breakout IPOs for Investors and Traders.”  Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.