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BlackBerry Ltd. (BBRY)

  • May. 28, 2014, 6:28 PM
    • "I'm quite confident that we can save the patient," says John Chen (BBRY) during a Code Conference talk. He gives himself an 80% chance.
    • Chen also reaffirms BlackBerry's commitment to its struggling phone ops - "I will be able to create a lot of value for our shareholder even without handset business, but I can create more with the handset business." - and says his company is nearing the end of its massive restructuring.
    • Interestingly, he declined to comment when asked if BlackBerry would be making Android phones.
    • When asked if he's the most qualified person to run BlackBerry, Chen didn't mince words. "Am I the most qualified? No, I'm the only one they could find."
  • May. 28, 2014, 5:37 PM
    • Top gainers, as of 5:15 p.m.: PANW +11.2%. ICPT +5.1%. BBRY +2.3%. BCRX +1.9%. FXEN +1.8%.
    • Top losers, as of 5:15 p.m.: TLYS -22.9%. GMAN -16.4%. GIM -3.1%. [[CVEO@]] -1.8%. ANF -1.7%.
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  • May. 15, 2014, 4:39 PM
    • After cutting its Yahoo (YHOO) stake in half to 8M shares in Q4, Dan Loeb's Third Point LLC fully liquidated its position in Q1. (13F).
    • Loeb, whose fund once owned 60M Yahoo shares, resigned from the company's board last July as part of a deal to sell back 40M shares to the company. His decision to exit Yahoo comes ahead of Alibaba's much-anticipated IPO.
    • Loeb also liquidated the 10M-share BlackBerry (BBRY) position he established in Q4. BBRY -1.6% AH.
    • A 4M-share position in Activision (ATVI) and a 1M-share position in NXP (NXPI) were also unloaded. A 2M-share position was taken in Avago (AVGO), as was a 2.55M-share position in Citrix (CTXS) and a 1.6M-share position in Brazilian carrier TIM Participacoes (TSU).
  • May. 15, 2014, 4:03 PM
    • In a post defending his company against critics, BlackBerry (BBRY +0.5%) blogger Eric Lai reiterates the company aims to be cash-flow positive by the end of FY15 (ends Feb. '15).
    • John Chen has already made such a prediction, and has also said BlackBerry aims to be profitable in FY16. Nonetheless, shares caught a bid on today's remarks, and are closing higher in spite of an equity selloff.
    • The comments come on a week that has seen BlackBerry launch its $200 Z3 smartphone in Indonesia, and agree to allow BB10 devices to be managed by 3rd-party MDM software platforms.
  • May. 13, 2014, 9:42 AM
    • The BlackBerry Z3 (BBRY +0.5%), first announced in February, goes for just $200 unsubsidized and is the first phone to be made via the company's Foxconn partnership.
    • As suggested by its codename (Jakarta), the Z3 is initially aimed at Indonesia, a market where BlackBerry still has a sizable base. It sports a 5" 960x540 display, a dual-core, 1.2GHz., CPU, a 3G modem (a 4G version will launch later), and a 5MP rear camera.
    • Competition will be provided by low-end Android phones from a slew of OEMs (Samsung, Huawei, ZTE, etc.) and white-box vendors.
    • The Z3 launch comes as Motorola Mobility, soon to be owned by Lenovo (LNVGY), launches the Moto E, a $129 Android phone featuring a 4.3" 960x540 display, 3G modem, and 5MP camera.
  • May. 5, 2014, 9:22 AM
    • Spear Street Capital is acquiring the majority of BlackBerry's (BBRY) Canadian real estate (3M+ sq. feet of office space + vacant lands) for C$305M ($278M).
    • The sale of 80% of the assets will is expected to close this month, and the sale of the remainder in calender Q3. BlackBerry will lease back some of the office space.
    • BlackBerry originally announced the deal in March, but didn't give a price tag at the time. The company has also sold its Irving, TX U.S. HQ.
    • Shares -1.8% premarket, following equity futures lower.
  • Apr. 15, 2014, 12:50 PM
    • BlackBerry (BBRY -0.8%) has taken a stake in NantHealth, developer of a cloud-based clinical software platform that's used by ~250 hospitals and gathers data from 16K+ connected medical devices.
    • NantHealth suggests it will leverage BlackBerry's QNX OS to "put the power of a supercomputer in the palm of the caregiver's hand." The company will also use BlackBerry's upcoming BBM Protected secure messaging platform (part of the eBBM Suite).
    • BlackBerry and NantHealth plan to develop a smartphone for the healthcare industry that's optimized for viewing 3D images and CT scans. It's expected to arrive in late 2014 or early 2015.
    • The deal is part of an effort by BlackBerry to carve out niches for its mobile hardware and software in enterprise/institutional verticals. John Chen: "The future of BlackBerry lies in creative opportunities like this that take our many core disciplines and combine them in ways no one else can match."
  • Apr. 10, 2014, 3:57 AM
    • BlackBerry (BBRY) CEO John Chen plans to reduce the company's reliance on handsets, but if he can't return the business to profit, he'd consider selling it.
    • "I don't have a plan to get rid of handsets, I have a plan to not be dependent on handsets," Chen told Bloomberg. To Reuters, he said, "If I cannot make money on handsets, I will not be in the handset business." Chen also said that the time frame for a decision is short.
    • Notwithstanding, BlackBerry's basic plan is to replace plummeting device revenue with income from its QNX software and BBM instant-messaging services. The company is focusing on security, allowing its software to be installed in different devices so that they can "speak to each other," and on selling to large customers such as governments and corporations.
  • Apr. 8, 2014, 12:04 PM
    • A Florida jury has ruled BlackBerry's (BBRY +3.2%) hardware doesn't infringe three NXP (NXPI +2.7%) patents, and that the asserted patents are invalid. (PR)
    • NXP says it's disappointed, and is "investigating all options for appeal."
    • BlackBerry settled a patent dispute with WiLAN last October, and one with Nokia in 2012.
  • Apr. 2, 2014, 10:26 AM
    • Less than amused with a T-Mobile USA (TMUS -0.1%) ad campaign urging BlackBerry (BBRY +1.4%) owners to buy iPhones, BlackBerry says it won't renew T-Mobile's license to sell its products, which expires on April 25. Existing users on T-Mobile's network won't see any changes.
    • As it is, T-Mobile stopped stocking BlackBerrys in its retail stores six months ago (they've remained available online). Moreover, with local sales having plunged, the U.S. now only accounts for a small fraction of BlackBerry's hardware sales, and T-Mobile (has a relatively small corporate base) a small percentage of U.S. sales.
  • Mar. 31, 2014, 10:14 AM
    • While Needham has upgraded BlackBerry (BBRY -4.3%) to Hold, Credit Suisse and Evercore have respectively downgraded to Underperform and Underweight. Shares are now down 11% since Friday morning's FQ4 report, as top-line concerns take precedence over a big EPS beat.
    • CS is worried about free cash flow weakness and slumping services revenue. Needham, meanwhile, declares John Chen has "brought adult supervision to the company," and is optimistic about installed base upgrades following the launch of the company's Q20/Classic QWERTY phone this year.
    • Canaccord (Hold) has upped its PT to $8 from $6. It's concerned about limited near-term sales visibility, but also expects "gradually improving trends following the BES12 launch in November."
    • Goldman (Neutral) has cut its PT to $8.80 from $9.50. It views Chen's goal of achieving breakeven cash flow by the end of FY15 achievable, but is "more skeptical on BlackBerry's ability to return to profitability in FY16."
  • Mar. 28, 2014, 2:05 PM
    • Initially up sharply following after posting a big FQ4 EPS beat to go with an (also large) revenue miss, BlackBerry (BBRY -2.2%) has reversed course.
    • Analysts are worried the cost cuts that drove the EPS beat - R&D/SG&A spend fell 34% Y/Y to $601M - will only do so much. "John Chen did what John Chen is known for. He came in and he's cut the cost base," says BGC's Colin Gillis.
    • On the CC, Chen said BlackBerry plans to re-launch BB7-based Bold phones that have seen strong demand. He also stated three new high-end QWERTY BlackBerrys would likely arrive in the next 18 months. "I hope nobody thinks we don’t take seriously the handset business."
    • Sales of the high-end/QWERTY Q10 fell flat last year, as the iPhone and Samsung's Galaxy line continued dominating the high-end. BlackBerry recently unveiled the Q20, a new QWERTY flagship.
    • Chen also reiterated BlackBerry aims to be profitable in FY16 (ends Feb. '16), and said the company will "take a very serious look" at bringing BBM to PCs. BBM's active user base has surged past 85M since Android/iOS apps launched last fall.
    • 3.4M BlackBerrys were sold to end-users in FQ4, down from 4.3M in FQ3 and 5.9M in FQ2. Due to inventory-clearing, BlackBerry only recognized revenue on 1.3M shipments.
    • Previous: BlackBerry's results, details
  • Mar. 28, 2014, 7:35 AM
  • 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.
    • Press Release
  • Mar. 28, 2014, 7:01 AM
    • Trading has been halted for shares of Blackberry (BBRY).
    • The Nasdaq trading halt code indicates news is pending.
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Company Description
BlackBerry Ltd is a designer, manufacturer and marketer of wireless solutions for the mobile communications market.