Seeking Alpha

BlackBerry beats by $0.15, beats on revenue

  • BlackBerry (BBRY): Q1 EPS of -$0.11 beats by $0.15.
  • Revenue of $966M (-68.5% Y/Y) beats by $2.83M.
  • Shares +0.7% PM.
  • Press Release
Comments (23)
  • Kasteel Research
    , contributor
    Comments (146) | Send Message
     
    Very good news on the EPS beat. John Chen made good progress on the operating expenses.

     

    Waiting for the EC. It should be very interesting!

     

    Bth, I estimated BBRY revenues to be $987 million, not bad at all.

     

    http://seekingalpha.co...
    19 Jun, 07:18 AM Reply Like
  • Kasteel Research
    , contributor
    Comments (146) | Send Message
     
    3.1 billion in cash! vs 2.7 billion last quarter.

     

    Excluding Taxes refund, etc, BBRY burned 255 million in the quarter vs 784 million last quarter.

     

    Adj gross margin of 48% vs 43% from last quarter.

     

    Revenues recognized on 1.6 million BB devices vs 1.3 last quarter. First time the revenues recognized on devices increase!

     

    Amazing!
    19 Jun, 07:21 AM Reply Like
  • Kurt Windibank
    , contributor
    Comments (1160) | Send Message
     
    Nice work Chen!!
    19 Jun, 07:21 AM Reply Like
  • ELLAS
    , contributor
    Comments (1471) | Send Message
     
    Shorts were warned. Good Job Chen, you can see the turn around slowly taking shape.
    19 Jun, 07:22 AM Reply Like
  • Cliff Hilton
    , contributor
    Comments (1409) | Send Message
     
    Who said this would be the worst quarter?

     

    Still work to do. Thanks Chen.
    19 Jun, 07:24 AM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (196) | Send Message
     
    I allow myself, to quote myself on my forecast:

     

    " I expect BBOS sales to keep falling approximately at the same pace as in previous quarters, while BB 10 sales picking up a tick. BB 10 sell through has bottomed in the previous quarter according to my expectations.
    BBOS Sell through = 1.4 Mio. devices
    BB 10 Sell through = 1.3 Mio. devices
    Total sell through: 2,7 Mio devices. 3,4 Mio. devices will be hard to reach. "

     

    Looking forward for the breakdown.
    19 Jun, 07:27 AM Reply Like
  • jjtom
    , contributor
    Comments (299) | Send Message
     
    I told all you short sellers you were going to get the beats. Too late to cover now!
    Bye bye Marcap find some other stock to short LOL bye the way it's obvious Blackberry won't be shutting their doors anytime soon. Sorry Dave don't come here to comment anymore bye bye. Sorry KIA it's going to be tough to put a negative spin on this ER, bye bye. How about Andreas Hopf hope you don't lose too much shorting this stock, bye bye!
    19 Jun, 07:32 AM Reply Like
  • stevef1086
    , contributor
    Comments (25) | Send Message
     
    Ohh they will find something negative to post. After all they are the negative nellies of blackberry lol
    19 Jun, 07:36 AM Reply Like
  • mag1205
    , contributor
    Comments (575) | Send Message
     
    JJtom, you put all those naysayers to the barn. Thanks man.
    19 Jun, 10:40 AM Reply Like
  • roseldlcruz
    , contributor
    Comments (70) | Send Message
     
    The bears are scampering away! They are hiding under their mother's skirt!
    There's one more bear Shaned, the most ignorant bear of them all! His comments are just a rant!
    19 Jun, 11:25 AM Reply Like
  • Zack 800
    , contributor
    Comments (567) | Send Message
     
    Chen is doing an excellent job...looks like BB is on its way!
    19 Jun, 07:34 AM Reply Like
  • masterful
    , contributor
    Comments (4) | Send Message
     
    Long live BlackBerry
    19 Jun, 07:42 AM Reply Like
  • Cubanezul
    , contributor
    Comments (15) | Send Message
     
    Thank your Mr.Chen.
    19 Jun, 09:21 AM Reply Like
  • Black Spruce
    , contributor
    Comments (70) | Send Message
     
    It begins.
    19 Jun, 09:22 AM Reply Like
  • hz06
    , contributor
    Comments (681) | Send Message
     
    a couple of good things:
    revenue didn't slide as much as feared, 966m vs 976m last quarter
    services revenue 54%
    BB10 out sold BB7 first time (CC)
    cash 3.1b (tax refund 397m, real estate sales 287m)

     

    to look into:
    cash burn 255m ("CORE" charge 226m, 29m others)
    CORE should be done now? excluding CORE charge, cash burn is little, 29m, good

     

    Purchase obligations and other commitments: 1.8b (last quarter?)
    purchase orders: 317m (last quarter?)
    how does this affect cash position? change of accounts payable

     

    overall, healthy progress, or quite healthy progress. expect shorts covering gracefully, stock price above 10.
    19 Jun, 09:33 AM Reply Like
  • sfinvestor
    , contributor
    Comments (876) | Send Message
     
    "services revenue 54%"

     

    That is truly a suprising #. When Mgmt guided for 13% QOQ one month end and when service revenues are pretty much known due to the amortization nature of a contract.

     

    I did not read the transcripts nor are the SEC filings published. But I can suspect that service revenue was boosted by a one time cash pick-up in Venezuela. The conference call reference it as settle and cash coming back which means a one-time revenue pickup.

     

    If you take that away, then the financial picture is a whole lot different.
    19 Jun, 02:09 PM Reply Like
  • hz06
    , contributor
    Comments (681) | Send Message
     
    @sf - the number of BES10 licenses picked up can be another factor? i will read the transcript and dig deeper over the weekend, maybe questions for you later...
    19 Jun, 02:19 PM Reply Like
  • hz06
    , contributor
    Comments (681) | Send Message
     
    @sf - looks like Venezuela added 30m (service revenue recovery?), that's about 3%.

     

    James Yersh:
    "Okay. So Tim, just to finish up on what John said in terms of revenue. From Venezuela, specifically the impact was about $30 million on service revenue. "
    19 Jun, 03:53 PM Reply Like
  • Santyapril
    , contributor
    Comments (44) | Send Message
     
    The good thing about this earnings will be we will not see anymore of David. Good Riddance!
    19 Jun, 09:42 AM Reply Like
  • hz06
    , contributor
    Comments (681) | Send Message
     
    he will be back very soon, he doesn't read numbers.
    19 Jun, 09:49 AM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (196) | Send Message
     
    I am upset not to hear the sell through breakdown per OS.
    In CC this question was dodged, which gives me an uneasy feeling.
    Quote: "Your first question in terms of the mix in the revenue effectively was about 65% BB10 and 35% BBOS."
    This sentence does not reveal much, since selling price of BB10 device is higher than BBOS device. For me personally it was very important to know whether they sold more BB10 devices (measured in devices and not % of revenue) this quarter than they did in previous one. One of the important indicators whether BBRY turnaround is on track would be a rising demand on BB10 devices on QoQ basis.
    19 Jun, 02:29 PM Reply Like
  • hz06
    , contributor
    Comments (681) | Send Message
     
    BB10 device may not be all priced higher than BB7. Z10 and Q10 on sale or liquidated to some retail outfits are really cheap. (i paid $262 for my new Q10 on Amazon, coming in). to me breakdown by $ is ok, and makes more sense.

     

    also some of the Z10, Q10 might have been thrown in to sweeten the large BES10 deals.
    19 Jun, 02:40 PM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (196) | Send Message
     
    hz06, i simply like when I am able to compare QoQ using the same metrics every quarter. As soon as there is a "little" change like that I get sceptical, because I see it as an attempt to make the historical data harder to compare. The question is why and what for?
    19 Jun, 03:39 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|