Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of BlackBerry (NASDAQ: BBRY) got crushed today by as much as 29% after the company reported fiscal first quarter earnings.

So what: Revenue in the first quarter totaled $3.1 billion, which translated into an adjusted loss of $0.13 per share. Total smartphone shipments came in at 6.8 million, of which 2.7 million were BlackBerry 10 devices like the Z10 or Q10. PlayBook tablet shipments totaled 100,000, the lowest quarterly units since introduction.

Now what: The company said that its bottom line was negatively affected by Venezuelan foreign currency restrictions, and BlackBerry would have been close to breakeven results without them. BlackBerry subscribers declined by 4 million sequentially to 72 million. CEO Thorsten Heins said the company is still in the early stages of the new platform. BlackBerry declined to provide specific financial guidance, citing its ongoing transition in the highly competitive smartphone market, but does expect an operating loss.

Interested in more info on BlackBerry? Add it to your watchlist by clicking here.

Want to get in on the smartphone phenomenon? Truth be told, one company sits at the crossroads of smartphone technology as we know it. It's not your typical household name, either. In fact, you've probably never even heard of it! But it stands to reap massive profits NO MATTER WHO ultimately wins the smartphone war. To find out what it is, click here to access the "One Stock You Must Buy Before the iPhone-Android War Escalates Any Further..."

Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.