The most current disappointing quarterly results sent Blackberry's (BBRY) stock down by 10% the next day, but then it slightly bounced back, so the stock is down by approximately the same amount over the three-month period: $BBRY, BlackBerry Limited / 60 Here are the company's latest financial results: FQ1 non-GAAP revenue of $424M fell 36% from a year ago and broke down as 39% from software and services, 25% for service access fees, and 36% for mobility solutions.Non-GAAP operating income of $14M, non-GAAP EPS of $0.00. The GAAP loss of $670M or $1.18 per share came from mostly from a $501M long-lived asset impairment charge.Company had negative free cash flow of $65M for the quarter, and had net cash of $1.3B at quarter's end. Purchase orders with contract manufacturers of $150M at end of quarter are down from $162M three months earlier and $238M a year ago.For full-year, company is on track for 30% revenue growth in software and services. Non-GAAP EPS loss of $0.15 is expected vs. consensus $0.33 loss. Free cash flow for year is expected to be positive.(Source: Seeking Alpha)The results are clearly mixed: on the one hand, the decrease in the top line is the worst in the company's history. On the other hand, the software and services segment of the company is growing in high double-digits, and the bank balance is sufficient to burn cash for more than 20 quarters (!). One more positive thing regarding the market situation around the company is that its stock options are at record lows, trading in the 1st percentile (i.e. the options are currently cheaper than in 99% of time over the last 600 daily readings). This is significant because, if you are optimistic about the company, you can get long in a very inexpensive and high-rewarding manner. In fact, I have looked at the most long-term options (expiring in January 2018) and found out that they are only worth around 17% of the current market price of the stock:(Source: Yahoo Finance) If you are uncomfortable with the cost and/or you want to define your expected profit, a good idea is to look at a call spread:(Source: optionsprofitcalculator.com)With this recommended trade you only need about $76 to buy one contract which makes this idea very flexible for retail investors. In addition, the risk-reward ratio in this case is pretty attractive:(Source: optionsprofitcalculator.com)As you can see, the risk-return ratio with this trade is around 3:1, which a rare combination for this type of option trades. Besides that, the contract is worth around 11% of the current market price: for a 19-month trade this extremely cheap, in my opinion. In addition, the capital requirement, as I have already mentioned in part, is quite low (consider spending almost 10x more to buy the stock and being exposed to all downside risk!). I think this idea one is a keeper. What do you think?