TORONTO, CANADA: It might seem like corporate heresy but an increasing number of technology investors and experts are asking whether Research in Motion needs to ditch its BlackBerry handset business to survive.

The idea that is gaining favor, albeit only among a minority of shareholders, would see the Canadian company fully open its secure and highly respected network to rival smartphone providers and concentrate on that business while getting out of the hardware game altogether through a sale.

Disappointing quarterly results, including a dismal outlook for Blackberry sales and word that RIM would delay the introduction of new devices, sent its shares down more than 11 percent to their lowest levels in almost eight years on Friday.

Just before those numbers were released, activist shareholder Jaguar Financial called on the company to sell its handset business and monetize its patent portfolio while retaining the high-margin services business. "Jaguar believes that the road map to value restoration lies in a sale of RIM whether as a whole or in separate parts," it said.

RIM's spidery, data-crunching network reaches behind corporate firewalls and taps into mobile networks globally.

The network, unique among handset makers, has been a cornerstone of the BlackBerry's growth - with email and instant messages routed through RIM's own enterprise servers and data centers, where it is encrypted and pushed out to subscribers.

There are no middlemen to intercept corporate or state secrets, or even the flirty chats of teenagers who love the free BlackBerry messaging.

TERMINAL DECLINE?

Jaguar, which claims support from shareholders who own about 8 percent of RIM's stock but only owns a tiny fraction itself, also reiterated its call for a change in the company's leadership.

It has called for a new "transformational" leader to replace RIM's co-CEOs Mike Lazaridis, the company's co-founder, and Jim Balsillie, the mercurial salesman who has marketed the BlackBerry to the world.

It is not alone in wondering whether a sharp decline in Blackberry sales - the company said it expects the number of devices it ships in the quarter including Christmas will drop as much as 26 percent from a year ago - is a sign of terminal decline for the product.

The company's network has stronger margins and more secure recurring revenue, though it still needs to be fully exploited.

"If they want to maintain that asset, if not stabilize or grow it, they need to open it up to the other platforms and look at themselves as an enterprise software company," ThinkEquity analyst Mark McKechnie said.

RIM is likely already working on just such a change, said a U.S.-based shareholder, who declined to be identified. The fund manager, whose firm owns more than 1 million RIM shares, said delays launching new software and devices may reflect efforts to fully accommodate devices from outside RIM's own stable.

A year ago, talk of ditching the BlackBerry would have been almost unthinkable, let alone garner any serious attention. That was before a spectacular meltdown that has seen the device, once an essential tool in the top echelons of business and politics, being pushed aside by Apple's iPhone and smartphones powered by Google's Android software.

The deterioration in the business has been so great that some analysts now estimate that RIM is barely making money on BlackBerry sales.

MASSIVE DISCOUNTS

That isn't its only problem. The PlayBook, the company's latecomer in the tablet market dominated by Apple's iPad, has been a deflating disappointment, forcing RIM to offer massive discounts on the unloved device. It took a $485 million pre-tax charge for the Playbook, which runs on QNX software that RIM plans to use in its future devices.

The severity of RIM's problems shows up in its share price. It crashed to a low of just $13.12 on Friday, after trading as high as $144 in 2008 and about $70 in February this year. A company that was once worth almost $80 billion is now valued at barely $7 billion.

Meanwhile, the subscriptions that businesses and network operators pay RIM each month brought in more than $1 billion in each of the past two quarters.

The company declined to comment on talk that it will ever abandon the BlackBerry and did not grant interviews with either Lazaridis or Balsillie for this story.

Balsillie announced a comprehensive review of RIM's operations on a conference call with analysts on Thursday.