As analysts continue to pick through BlackBerry’s recent earnings report for signs of life, all they seem to come up with are more causes for concern. To find one of the more dreary data points pulled out of BlackBerry’s May-quarter earnings, Asymco analyst Horace Dediu calculated the current value of each BlackBerry user. The company lost 4 million net subscribers last quarter to finish May with 72 million users. Dediu divided BlackBerry’s current enterprise value ($2.8 billion, which is the company’s market capitalization less its net cash and cash equivalents) by its current subscriber count and came up with a frightening figure: each BlackBerry user is now worth less than $40. To put that figure in perspective, BlackBerry subscribers were worth about $866 a piece just three years ago in early 2010. Of note, iOS users’ value is also descending rapidly, from a peak of nearly $1,500 per user in 2011 to about $450 last quarter.