Fri, Apr. 1, 9:17 AM
Fri, Apr. 1, 7:44 AM
- Revenue of $487M in FQ4 was down 26% Y/Y (and a $76M miss) as the company continues to transition to software and services, which made up 32% of the total.
- For the year, software and licensing revenue topped guidance of $500M.
- The company expects to grow software and services revenue at around 30% this year, and anticipates positive free cash flow and adjusted EBITDA.
- The conference call starts at 8 ET
- Previously: BlackBerry beats by $0.07, misses on revenue (April 1)
- BBRY -6% premarket
Fri, Jan. 29, 9:19 AM
- The Toronto Stock Exchange has approved BlackBerry's (NASDAQ:BBRY) request to increase its buyback authorization by 15M shares (3% of outstanding shares) to 27M. BlackBerry adds it has "entered into an automatic purchase plan with its designated broker to allow for purchases of up to 2,685,524 common shares."
- BlackBerry announced in September (along with its FQ2 results) it's adding 15M shares to its buyback authorization. A 12M-share buyback was announced in May.
- The company notes it has repurchased 9.9M shares since June 29. As of Nov. 28, BlackBerry had $2.71B in cash and $1.25B in debt on its balance sheet.
- BBRY +2.9% premarket to $7.07. Nasdaq futures are up 0.7%.
Dec. 18, 2015, 7:02 AM
- BlackBerry (NASDAQ:BBRY): FQ3 EPS of -$0.03 beats by $0.11.
- Revenue of $557M (-29.8% Y/Y) beats by $67.96M.
- Shares +10.6% PM.
Dec. 10, 2015, 2:24 PM
- BlackBerry (NASDAQ:BBRY) has surged on volume of 10.1M shares, soundly above a 3-month daily average of 6.3M. Possibly helping: Wal-Mart's site indicates BlackBerry's Priv Android phone is out of stock.
- BlackBerry began shipping the Priv, 5.4" display, QWERTY keyboard, Google Android, and all, to decent reviews in early November. The phone has sold in the U.S. for a steep unsubsidized price of $700.
- Today's gains come ahead of BlackBerry's Dec. 18 FQ3 report. With 78.7M shares (15% of the float) shorted as of Nov. 30, short-covering could be helping.
Nov. 6, 2015, 5:33 PM
- [M]aybe, just maybe, it isn’t too late for BlackBerry (NASDAQ:BBRY)," writes the WSJ's Joanna Stern after trying out the Priv. "As Samsung, LG and other Android titans focus on making phones ever-so-slightly thinner, faster and better at taking photos, the Priv’s slide-out physical keyboard, long battery life and focus on privacy—hence the dumb name—stand apart from those. It even challenges Apple’s ruling iPhone. A few performance issues aside, the Priv is the first BlackBerry in years that I have loved using—and that I can recommend."
- Stern found typing via the Priv's keyboard ~20% faster than typing on the iPhone, and likes its 2K OLED display. She also declares BlackBerry's Android apps and UI tweaks, such as its DTEK security suite and the ability to swipe up on an icon to see its widget, "actually make Android better." One point of criticism: Some app functions remained "inexcusably slow."
- Engadget's Daniel Cooper gives the Priv a score of 77/100. He calls the phone "probably the best-looking BlackBerry ever," and considers its UI "more elegant" than stock Android. However, they keyboard is deemed "slightly lackluster."
- Cooper also wonders how large the market for QWERTY smartphones remains: "The fact that a company in 2015 is making a pretty decent Android smartphone with a keyboard deserves plenty of praise, because people do still crave them. I just can't imagine anyone who has become inured to using an on-screen keyboard will consider dropping seven hundred big ones to go back to how it was."
- BlackBerry made it above $8 today for the first time since July. Shares are still down 27% YTD.
- Other reviews: The Verge, Android Central, Tom's Guide, TechCrunch
- Earlier: BlackBerry begins shipping Priv Android phone
Sep. 25, 2015, 9:39 AM
- Dubbed Priv, the phone - complete with slide-out keyboard - is due out at the end of 2015. Priv, of course, is short for privacy, and that's what this new phone is all about. CEO John Chen: "Priv will be the solution for smartphone users who are learning daily of the lack of privacy they have on their current devices."
- Chen adds the company remains committed to its own BlackBerry 10, and says a new update is coming early next year.
- After spending $47M buying back 6M shares last quarter, the company announces an additional 15M share repurchase plan.
- BBRY -2.2%
- Previously: BlackBerry sinks after weak quarter (Sept. 25)
- Previously: BlackBerry misses by $0.04 (Sept. 25)
Sep. 25, 2015, 7:30 AM
- FQ2 revenue of $490M was well short of the $611M estimate. Hardware revenue of $200M vs. $263M consensus, with the company recognizing revenue on just 800K smartphones at an ASP of $240.
- Software revenue of $74M vs. $100M consensus and Services revenue of $210M vs. $227M.
- Gross margin of 37.8% vs. 48.5% estimate.
- Total cash of $3.35B (net cash of $2.1B) at quarter-end, up $37M from three months earlier. 6M shares bought back during quarter for $47M.
- Company anticipates modest sequential revenue growth for the rest of fiscal 2016.
- Previously: BlackBerry misses by $0.04 (Sept. 25)
- Conference call at 8 ET
- BBRY -7.5% premarket
Sep. 25, 2015, 7:03 AM
- BlackBerry (NASDAQ:BBRY): FQ2 EPS of -$0.13 misses by $0.04.
- GAAP Revenue of $490M (-46.5% Y/Y)
- Shares +2.2% PM.
Sep. 4, 2015, 5:58 PM
- "With the majority of Good’s customers using iOS or Apple devices, we view this acquisition as positive for BlackBerry’s (NASDAQ:BBRY) ability to broaden its customer reach, especially with our survey work indicating ongoing share gains for Apple in the enterprise market," writes Canaccord's Mike Walkley about BlackBerry's $425M deal to buy enterprise mobility management (EMM) software rival Good Technology. "[Good] should also help BlackBerry build on its two new technology licensing deals announced last quarter."
- At the same time, Walkley notes some of Good's revenue comes from BlackBerry licensing payments, and argues BlackBerry still "faces the challenging task of selling not just EMM subscriptions but must also upsell increasing amounts of [value-added services] and close additional technology licensing deals to meet its [FY16] software-related sales target."
- Morningstar's Brian Colello: "Good ... has been a leader in EMM for quite some time, as evidenced by Gartner’s rating of Good as a 'Leader' in its magic quadrant for EMM in June 2015 (versus a 'Niche Player' rating for BlackBerry). We anticipate that the combination will lead to more advanced products and a growing customer base over time." In addition to Good, IBM, Citrix, VMware (AirWatch), and MobileIron are in Gartner's Leaders quadrant.
- UBS' Amitabh Passi: "Good serves more than 6,200 organizations, with particular strength in Government, [aerospace & defense], healthcare, and commercial banks. Good with its Good Dynamics platform will also bring access to over 2000 independent software vendor (ISV) apps."
- VentureBeat's Jack Gold notes questions remain about integrating Good's platform with BES. "BlackBerry does have experience here with its many recent acquisitions, but Good has much more technology to integrate than the previous acquisitions did, and far more overlap in capabilities. And the cultures of the two companies are different ... I expect [integration] will be successful given [John Chen's] track record, but it may not be without some 'potholes' along the way."
- After opening higher in response to the deal, BlackBerry closed down 2.4% amid a 1.1% Nasdaq drop. M&A hopes helped BlackBerry/Good rival MobileIron (NASDAQ:MOBL) rise 3.9%.
Sep. 4, 2015, 8:08 AM
- "By acquiring Good, BlackBerry (NASDAQ:BBRY) will better solve one of the biggest struggles for CIOs today, especially those in regulated industries: securely managing devices across any platform," says CEO John Chen.
- The $425M cash deal is expected to close near the end of 2016 FQ3, and should be accretive to earnings and cash flow within the first year after closing. BlackBerry expects to realize about $160M in GAAP revenue in year one from Good.
- A conference call is set for 8:30 ET.
- Shares +4.2% premarket
Jul. 28, 2015, 11:55 AM
- "While there is no evidence of a fundamental business turnaround, BlackBerry (NASDAQ:BBRY) has flexibility with cash and opportunity for op-ex cuts that create value," writes Morgan Stanley's James Faucette, upgrading to Equal-weight. “The company still has significant opportunity to add to that cash balance through headcount reductions or other reallocation of resources.”
- Faucette still doubts (previous) BlackBerry will hit FY16 (ends Feb. '16) software and messaging revenue goals of $500M and $100M. However, he thinks reaching $400M in software revenue is possible, and that this would translate into a $3-$3.50/share valuation for BlackBerry's software ops at 4x-5x sales. The cash balance is worth another $3.50-$3.75/share.
- Shares are up sharply. They fell to new 52-week lows last Friday after John Chen suggested BlackBerry is 12-18 months away from seeing major traction for its turnaround efforts.
Jul. 24, 2015, 11:50 AM
- Though his initial timeline suggested BlackBerry (NASDAQ:BBRY) would now be about 6 months away from seeing major traction for its turnaround efforts, John Chen now states the company is 12-18 months away.
- Chen nonetheless says he's "pretty satisfied" with turnaround progress to date. "I laid out the $500 million software revenue target and I'm still comfortable with that commitment for this fiscal year, it looks good ... We're patiently building the product pipeline and the sales channel."
- In the wake of fresh job cuts (size undisclosed), Chen also leaves the door open to BlackBerry fully exiting the smartphone market, albeit while adding "the most ideal case" is to discontinue low-end hardware and keep developing high-end devices for professionals and government workers. "Traditionally, we make four phones a year. We are not going to do that anymore. We are going to at least cut it down to a lot less number, maybe two, maybe one."
- BlackBerry has made new 52-week lows. Shares -34% YTD.
Jun. 23, 2015, 10:35 AM
- Up premarket after posting an FQ1 miss and announcing a Cisco licensing deal, BlackBerry (NASDAQ:BBRY) is now trading lower.
- On the CC (webcast), BlackBerry reiterated its $500M FY16 (ends Feb. '16) software revenue target (up ~100% Y/Y), as well as expectations services revenue will continue declining at a 15% Q/Q clip; a 50% Y/Y FY16 decline was previously forecast. The company also stated a licensing deal was signed with an unnamed company, in addition to Cisco.
- BGC's Collin Gillis notes licensing deals contributed to BlackBerry's 150% Y/Y increase in software/tech licensing revenue. "When the headline hits, you say 'wow they really blew out that software number, good for them, they're starting to get some traction.' But, of course, it's not truly $137 million because there is some licensing in there."
- FQ1 results, details/Cisco deal
Jun. 23, 2015, 8:25 AM
- In tandem with its FQ1 report, BlackBerry (NASDAQ:BBRY) has announced a patent cross-licensing deal with Cisco (NASDAQ:CSCO) that will result in BlackBerry getting a license fee; other terms are confidential. The company has also announced pharma industry exec Laurie Smaldone will replace Procter & Gamble vet Claudia Kotchka on the board.
- Segment performance: Though FQ1 revenue missed estimates, software/tech licensing revenue (closely watched) was strong, rising 150% Y/Y to $137M and totaling 21% of revenue vs. 10% in FQ4. Services (hurt by fee cuts) fell to 38% of revenue from FQ4's 47%, and hardware to 40% from 42%.
- Revenue was recognized on 1.1M phone sales, down from 1.3M in FQ4 and 1.6M a year ago; ASP rose $29 Q/Q to $240. 2,600 enterprise customer wins were recorded; 45% of software licenses for the deals were cross-platform.
- Geographic performance: Thanks to the software growth, North American revenue rose 3% Y/Y to $285M. EMEA revenue fell 41% to $245M, Latin America 66% to $42M, and Asia-Pac 43% to $86M.
- Financials: Cost cuts remain aggressive: R&D spend fell 41% Y/Y to $139M, and SG&A 56% to $174M. GAAP Gross margin was 47.1% vs. 48.2% in FQ4 and 46.7% a year ago; non-GAAP GM was 50.3%. The cash balance rose by $50M Q/Q to $3.32B; debt stands at $1.25B.
- Free cash flow was $123M. BlackBerry "continues to target sustainable non-GAAP profitability some time in fiscal 2016."
- Shares have risen to $9.70 premarket. They had sold off in the weeks going into earnings.
- FQ1 results, PR
Jun. 23, 2015, 7:01 AM
- BlackBerry (NASDAQ:BBRY): Q1 EPS of -$0.05 misses by $0.02.
- Revenue of $658M (-31.9% Y/Y) misses by $25.65M.
- Shares +1.5% PM.
BlackBerry Ltd. develops hardware and software solutions for mobile communications. It provides platforms and solutions, which support multiple wireless network standards through the development of integrated hardware and software services. The company's solutions provide access to information,... More
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