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Research In Motion's (RIMM) stock surged 20% Thursday in after-hours trading following the BlackBerry maker's better-than-feared quarterly results -- but be extremely careful before thinking this might be a chance to get in on the first phase of a turnaround. That's because RIM still has significant problems, according to The Daily Ticker's Henry Blodget.

While the company reported a 31% drop in revenue from the previous year to $2.9 billion, the loss wasn't as bad as expected, and it came in $1 billion more than the previous quarter.

Additionally, RIM announced an uptick in subscribers to 80 million, an increase of 2 million since June, largely thanks to growth in emerging markets.

"[But] the fact now that they are only growing in emerging markets is a huge warning sign," says Blodget, who seriously doubts that this surprisingly positive earnings report signals a long-term trend.

Yahoo! Finance Editor-in-Chief Aaron Task agrees, noting that the phone maker shipped 7.4 million phones in its fiscal second quarter, down dramatically from 10.6 million in the same period a year earlier.

While the BlackBerry manufacturer does have real technology, "it is not cutting edge, and that is the problem," Blodget says. "They have been leapfrogged by Android and the iPhone."

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