The recent news and stock action suggests BlackBerry (BBRY) has finally reached an inflection point. The long struggling wireless equipment and software provider trades at multi-month highs and now trades above key moving averages. The real question is whether the company has indeed achieved a turnaround. $BBRY, BlackBerry Limited / 1440 BlackBerry impressively beat FQ3 estimates by $0.11, but the $0.03 loss followed two quarters of missing estimates. The ultimate key though is the forward estimates. In this regardless, analyst loss estimates for FY16 and FY17 are declining, but the numbers are still higher on a yearly basis. For a true turnaround, the FY17 loss of $0.35 needs to drop below the FY16 forecasted loss of $0.32 and the actual $0.09 loss last year. Regardless, the market will key on the 43% organic software license growth and even the total 183% increase in software and services revenues due to part to acquisitions. Even with the recent rally, the $1.5 billion net cash position is important for a market cap of only $4.8 billion. Ultimately, the key earnings trend is the friend or foe of investors. The BlackBerry story feels better, but the actual expectations going forward don't match the reality giving me a reason for pause.