Mar. 28, 2014, 7:24 AM
- Revenue of $976M off 18% from FQ3 and off 64% from a year ago, with services revenue outpacing hardware (56% vs. 37%).
- Cash and marketable securities of $2.7B as of March 1 is off from $3.2B three months previous.
- CEO John Chen: "We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule."
- Outlook: Company anticipates maintaining strong cash position and continuing to look for opportunities to streamline operations; targeting break-even cash flow by the end of fiscal 2015.
- BBRY remains halted until 7:30 ET. Shares were ahead 4.3% before the earnings release.
- Previously: BlackBerry beats by $0.46, misses on revenue
Mar. 28, 2014, 7:02 AM
- BlackBerry (BBRY): Q4 EPS of -$0.08 beats by $0.46.
- Revenue of $976M (-63.6% Y/Y) misses by $134M.
- Shares +4.3% PM.
Mar. 25, 2014, 10:33 AM
- "Because we are by nature private and secure and reliable and regulatory compliant, we are ideally suited to bring value in mobile money and financial services," says BBM exec David Proulx. BlackBerry (BBRY +0.9%) has begun trialing a person-to-person BBM money transfer service in Indonesia, and expects to add more countries/services in 2014.
- BBM, which now has 85M+ MAUs, will also be monetized via sponsored channels for brands looking to reach out to consumers (BlackBerry introduced BBM Channels last year), and the sale of stickers and other virtual goods through a new BBM store (due to arrive this week through a software update).
- Rival messaging platforms such as Naver's Line and Tencent's WeChat are already being monetized via stickers and/or payments. Some platforms are also eying mobile gaming as a revenue stream.
- On the other hand, market leader WhatsApp is still taking a minimalist approach, monetizing its service only by setting a $0.99/year subscription fee for certain markets.
- Previous: Tango receives funding at $1.1B valuation
Mar. 21, 2014, 8:40 AM
- The company will sell more than 3M square feet of office space as well as vacant lands, leasing back a portion of the space for its continuing use. Closing is expected in 2015 FQ1. "BlackBerry remains committed to having a strong presence in Canada and we continue to consider Waterloo home to our global headquarters."
- BBRY +2.3% premarket
Mar. 5, 2014, 1:56 PM
- Though BlackBerry (BBRY -2.4%) says a service outage affecting Canadian and Asia-Pac users has been resolved, Southeast Asian users are still reporting connection issues. A spokesman for local carrier SingTel says BlackBerry engineers are "working to normalize services."
- A large portion of BlackBerry's consumer base resides in Southeast Asia; the company's new touch-only Z3 phone is launching in Indonesia. Indonesia has also seen strong BBM app download activity since the messaging platform became available for Android/iOS.
- Yesterday: Apple's CarPlay supports BlackBerry's QNX
Feb. 25, 2014, 10:09 AM
- Up yesterday following news Ford is set to use QNX within its next-gen Sync system, BlackBerry (BBRY +6.6%) is gaining today following the unveiling of several products, and remarks from John Chen suggesting he's open to selling or spinning off BBM down the road.
- Chen, referencing the $19B Facebook/WhatsApp deal: "Anything to help our shareholders I need to take a very serious look at ... The potential [for BBM] is going to be huge ... Until we get to the point that we can showcase that potential it is a bit too early to think about getting our $19 billion."
- Shares jumped last week in response to Facebook/WhatsApp. TD Securities upped its estimated valuation for BBM to $800M.
- This morning, BlackBerry has launched the Z3, a 5" touch-only phone that will sell for less than $200 unsubsidized in Indonesia (one of BlackBerry's biggest markets) starting in April, and the Q20, a new QWERTY flagship. The Z3, which doesn't sport a 4G modem for now, is the product of BlackBerry's Foxconn partnership.
- Also announced: 1) The eBBM Suite (launching this summer), a set of secure messaging products/services built with enterprises in mind. 2) BES 12 (launching by year's end), a next-gen MDM software platform offering better app/service management. 3) A promotional program that allows enterprises to migrate to BES 10 for free.
Feb. 24, 2014, 8:38 AM
- BlackBerry (BBRY) plans to make its BBM messaging service available on Microsoft's Windows Phone and Nokia's newly unveiled X phones.
- BlackBerry will launch BBM on Windows phones in the summer, with users being able to download it for free; the service will be available on the Nokia X as soon as the platform is launched.
- Since BBM became available for iPhones and Android late last year, the number of active users has topped 80M.
- BlackBerry announced the new BBM availability at the Mobile World Congress. (PR)
- Separately, BlackBerry will reportedly restore its popular function keys, including a trackpad, that it had abandoned in new models that were launched last year.
- Shares are +3.5%.
Feb. 20, 2014, 1:28 PM
- TD Securities has doubled its estimated valuation for BBM to $800M following the Facebook/WhatsApp deal, and raised its BlackBerry (BBRY +5.5%) PT to $10.50 from $9.50.
- TD observes Facebook is paying $42/user for WhatsApp ($19B for 450M MAUs), and that assigning a similar multiple to BBM's 80M MAUs would make the business worth $3.36B ($6.41/share). But (while believing the deal highlights the value of messaging platforms) it doesn't think BBM and WhatsApp's valuations are "really comparable," given the latter's smaller scale.
- Wells Fargo notes another messaging platform, Viber, was recently sold at a price of $8.57/user ($900M for 105M MAUs), and is skeptical BlackBerry will try to sell BBM rather than monetize it.
- While BlackBerry rallies on account of the deal, WhatsApp rivals Tencent (TCEHY -3.2%) and Naver (NHNCF -8.1%) have sold off overseas on worries about tougher competition. Tencent's WeChat is the dominant mobile messaging platform in China, and Naver's Line rules the roost in Japan.
- Yesterday: BlackBerry rises AH due to Facebook/WhatsApp
Feb. 20, 2014, 9:11 AM
Feb. 19, 2014, 5:34 PM
- BlackBerry (BBRY) has shot higher following news Facebook is acquiring mobile messaging leader WhatsApp for $16B up-front + $3B in restricted stock units.
- Investors are betting the deal will spell a higher valuation for BBM, which had added 40M+ Android/iOS users as of December to go with its BlackBerry base. WhatsApp currently had 450M monthly active users.
Feb. 18, 2014, 9:43 AM
- BlackBerry (BBRY +3.9%) has been upgraded to Market Perform by FBR. Dan Loeb's Third Point LLC disclosed a 10M-share stake in the company after the close on Friday.
- Veeco (VECO +1.8%) has been upgraded to Hold by Canaccord ahead of tomorrow's Q4 report. Credit Suisse and JPMorgan have already upgraded shares this month.
- Universal Display (OLED +3.9%) has also been upgraded to Hold by Canaccord.
- Cerner (CERN +1.7%), Allscripts (MDRX +1.1%), and Medidata (MDSO +2.2%) have been started at Buy by Citi as part of a healthcare IT coverage launch.
- Care.com (CRCM -2.1%) has been assigned neutral ratings by JPMorgan, Morgan Stanley, and Stifel on underwriter coverage day.
Feb. 14, 2014, 5:38 PM
Feb. 14, 2014, 4:44 PM
- In its Q4 13F, Dan Loeb's Third Point LLC discloses it had a 10M-share BlackBerry (BBRY) position at the end of 2013. The position has a current value of $92M, and is good for nearly a 2% stake in the company.
- Loeb's disclosure comes with BlackBerry shares having rallied sharply from their autumn lows due to investor optimism regarding new CEO John Chen's turnaround efforts.
Feb. 5, 2014, 2:38 PM
- Jefferies' Peter Misek has upped his BlackBerry (BBRY +1.9%) PT to $9 from $6, while reiterating a Hold.
- Misek, who downgraded shares in September following BlackBerry's big FQ2 warning, says "an in-depth scenario analysis" of six parts of BlackBerry's business yields a base case valuation of $8/share, a bear case of $2/share, and a bull case of $16/share. His new PT represents the probability-weighted average of the three estimates.
Jan. 23, 2014, 1:14 PM
- In a statement provided to The Verge, the DoD says "absolutely no new orders have been placed for new [BlackBerry] devices" as part of its implementation of a new apps/services management program.
- BlackBerry (BBRY -5.7%) shares rallied on Tuesday in response to a DoD statement that mentioned its program currently supports 80K BlackBerry phones (and just 1.8K Android/iOS devices), but never confirmed any new phone purchases.
- It's worth noting that even if the DoD had purchased 80K new BlackBerry phones, the sale would be equal to less than 2% of the company's estimated November quarter sell-through of 4.3M (down from an August quarter level of 5.9M).
Jan. 22, 2014, 9:45 AM
- VMware (VMW -1.2%), parent EMC (EMC -1.3%), Citrix (CTXS -2%), and SAP (SAP -1.5%) are all lower following news of VMware's $1.54B acquisition of leading mobile device management (MDM) software firm AirWatch.
- Citrix (thanks to the Zenprise acquisition) and SAP (through its Sybase unit) compete with AirWatch. As does BlackBerry (BBRY +4.6%), which remains higher following news of its real estate sale plans.
- AirWatch's products, which also include mobile app management and security solutions, complement VMware's Horizon Workspace, which provides a secure, siloed workspace for business apps and files on mobile devices. With Citrix and SAP already offering an array of complementary mobile software tools for enterprises, VMware's move is in part an attempt to keep pace.
- AirWatch, Citrix, SAP, and BlackBerry, along with other firms such as IBM (previous) and Good Technology, are trying to profit from growing enterprise interest in MDM solutions, which help companies cope with the ongoing bring-your-own-device (BYOD) trend.
- In tandem with the acquisition, VMware has reported preliminary Q4 revenue of $1.48B (+15% Y/Y), slightly above a $1.47B consensus. Q4 license revenue is expected to come in at $$687M (+15%), within a guidance range for 12%-16% growth. VMware's full Q4 results are due on Jan. 28.
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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