Shares of Research In Motion Ltd., the beleaguered maker of the BlackBerry smartphone, rebounded Wednesday from a post-earnings crash that erased a quarter of the company’s market value.

Unofficial closing figures show the shares gained 11 percent to $11.83 in New York. RIM’s stock, down 27 percent this year through Monday, climbed as high as $12.03 earlier in Wednesday's session.

While RIM reported a smaller quarterly loss than projected last week, the company raised concerns about declining service fees. Chief Executive Officer Thorsten Heins said that lower-end users will generate “less or no service revenue” in the future, a move that affects RIM’s most profitable source of revenue. The shares tumbled 23 percent the day after the remarks and an additional 2.7 percent the following trading day.

Investors may have overestimated the impact of the change on earnings per share, Kevin Smithen, an analyst at Macquarie Securities USA Inc. in New York, said Wednesday.

“We believe that CEO Heins’ comments on changes to services plans were taken out of context and the EPS impact from those changes is not as great as the Street is fearing,” he said in an e-mail. “The stock was largely oversold post-earnings report.”