Research In Motion (Nasdaq: RIMM) may be losing market share, but it's still way too early to write the company off entirely.

Last night's second-quarter report proved as much, with revenue rising 31% year-over-year to $4.6 billion, while 76% higher earnings amounted to $1.46 per share. These figures surprised Wall Street, and RIM's stock is trading higher today as a result. That's despite the fact that RIM's 4.5 million net new subscriber accounts fell far below management guidance, as a large number of the quarter's BlackBerry sales simply upgraded the phone attached to an existing account rather than going into a whole new belt clip.

So that's the good news. On the downside, RIM's results don't look all that impressive when held up to the light of Apple (Nasdaq: AAPL) burning through $5.3 billion in iPhone sales alone last quarter, at a 76% annual growth clip. The Android platform, in turn, is crushing both Apple and RIM, though without funneling all the sales into a single company with reportable revenue, which makes dollar-growth comparisons a bit awkward.

RIM's management is talking itself warm over the BlackBerry Torch launch, despite reports of relatively weak launch sales of a phone that doesn't impress anyone in the age of Motorola (NYSE: MOT) Droid X, iPhone 4, and Samsung Galaxy S superphones. But hey, the proof is in the pudding: RIM couldn't have beaten estimates without some pretty strong Torch sales, especially given the high upgrade quotient we just talked about. I guess the cult of CrackBerry addiction is still going strong.

If RIM can keep it that way without adding a whole lot of new addicts, maybe that's good enough to support the share price. The former high-flying market darling has become a downright value stock:

Company

P/E (trailing earnings)

Peak P/E, 2008 to Today

RIM

8.7

67.8

Apple

20.8

49.6

Motorola

50.9

121.1

Nokia (NYSE: NOK)

29.7

66.9

Source: Capital IQ, a division of Standard & Poor's.

In fact, the current growth would need to hit an absolute brick wall for the P/E ratio to make any sense. Even if you think RIM is toast in the long term, you have to see a ridiculous value in the stock at the moment.

I've never been a Research In Motion fan, nor a BlackBerry addict, but I'm moved to rate the stock "outperform" in our CAPS system, at least for the next year or so. There should be a nice rebound in there somewhere, but all bets are off after that. Tag along if you like.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. Nokia is a Motley Fool Inside Value choice. Apple is a Motley Fool Stock Advisor recommendation. Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. You can check out Anders' holdings and a concise bio if you like, and The Motley Fool is investors writing for investors.