Competition in the high-end cell phone market is getting fierce. The winners are quickly outpacing the losers and shareholders are paying the price.

One of the world’s most highly watched phone manufacturers, Research in Motion (NASDAQ:RIMM), and its Blackberry lineup, is losing ground to competitors like Apple (NASDAQ:AAPL) and Nokia (NYSE:NOK). The proof is in the company’s latest earnings estimates.

Earlier today, RIMM drastically revised its fiscal third-quarter guidance. The company had forecast quarterly earnings per share in the range of $0.89 to $0.97, but today announced significantly lower expectations of just $0.81 to $0.83.

The company blames a slow economy and detrimental changes in exchange rates for the decline, but smart investors will look beneath this financial façade and realize Blackberry has some serious…