Dijeo
2021-11-11
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Google Is Never Going to Buy BlackBerry<blockquote>谷歌永远不会收购黑莓</blockquote>
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Ramer believes that’sa good reason to buy BB stock.</p><p><blockquote><i>投资者场所</i>专栏作家拉里·拉默最近认为<b>Alphabet</b>（纳斯达克：<b>谷歌</b>, 纳斯达克：<b>GOOGL</b>）和<b>高通</b>（纳斯达克：<b>QCOM</b>）将成为潜在买家<b>黑莓</b>（纽约证券交易所：<b>BB</b>) 一旦他们更加熟悉该公司的 QNX 操作系统。Ramer 认为这是购买 BB 股票的充分理由。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d52520ddc73d872a11a9696164e219bb\" tg-width=\"704\" tg-height=\"387\" width=\"100%\" height=\"auto\"><span>the BlackBerry logo presented on a white backgroundSource: Shutterstock</span></p><p><blockquote><p class=\"t-img-caption\"><span>白色背景上的黑莓标志来源：Shutterstock</span></p></blockquote></p><p> “Companies can’t hire enough cybersecurity experts to protect themselves from ruinous hacks, so they need top-notch products like those of BlackBerry to defend themselves,” Ramer stated in his Oct. 18 column.</p><p><blockquote>“拉默在 10 月 18 日的专栏中说：”公司无法聘请足够的网络安全专家来保护自己免受毁灭性黑客攻击，因此他们需要像黑莓这样的顶级产品来保护自己。</blockquote></p><p> “As a result, there’s tremendous demand for BlackBerry’s products, making the company a potentially alluring takeover target. Additionally, BlackBerry’s systems will enhance the attractiveness of an acquirer’s products…by making them more secure and private.”</p><p><blockquote>“因此，对黑莓产品的需求巨大，使该公司成为潜在的诱人收购目标。此外，黑莓的系统将提高收购方产品的吸引力.通过使其更加安全和私密”。</blockquote></p><p> Perhaps I’m missing something. Isn’t BlackBerry still losing money? And if the QNX operating system was so vital to Google’s business, I am sure that Alphabet would already have acquired BlackBerry.</p><p><blockquote>也许我错过了什么。黑莓不是还在亏损吗？如果 QNX 操作系统对谷歌的业务如此重要，我相信Alphabet早就收购黑莓了。</blockquote></p><p> It doesn’t seem like sensible capital allocation for Alphabet to pay billions of dollars to acquire BlackBerry when it can give the Canadian company a lifeline by choosing to work with it on Android Automotive.</p><p><blockquote>对于Alphabet来说，支付数十亿美元收购黑莓似乎并不是明智的资本配置，而选择与这家加拿大公司在 Android Automotive 上合作可以给这家加拿大公司一条生命线。</blockquote></p><p> In the end, Alphabet may buy BlackBerry.However, I don’t think that’s going to happen. Here’s why.</p><p><blockquote>最终，Alphabet可能会收购黑莓。不过，我认为这不会发生。原因如下。</blockquote></p><p> BB Stock Is Up 113% Over the Past Year</p><p><blockquote>BB 股票过去一年上涨了 113%</blockquote></p><p> Although BB stock is up 120% over the past 12 months, it’s traded between $10 and $15 for most of 2021.</p><p><blockquote>虽然 BB 股票在过去 12 个月中上涨了 120%，但在 2021 年的大部分时间里，其交易价格都在 10 美元到 15 美元之间。</blockquote></p><p> In mid-September, before BlackBerry reported less-than-stellar fiscal second-quarter results,<i>InvestorPlace</i> contributor Ian Bezek argued that there was little evidence to point to a turnaround by the company.</p><p><blockquote>9 月中旬，在黑莓公布不太出色的第二财季业绩之前，<i>投资者场所</i>撰稿人伊恩·贝泽克 (Ian Bezek) 认为，几乎没有证据表明该公司出现了转机。</blockquote></p><p> Except for its Internet of Things (IoT) applications, including its QNX operating system, there was little at BlackBerry to justify its hefty valuation,, Bezek said.</p><p><blockquote>Bezek 表示，除了物联网 (IoT) 应用（包括 QNX 操作系统）之外，黑莓几乎没有什么可以证明其高昂的估值是合理的。</blockquote></p><p> So let’s consider itsQ2 results.</p><p><blockquote>那么，让我们来看看第二季度的结果。</blockquote></p><p> Its three operating segments combined delivered a 32.4% decrease in revenue — $175 million compared to $259 million — over the same period a year earlier.</p><p><blockquote>其三个运营部门的总收入比去年同期下降了 32.4%，为 1.75 亿美元，而去年同期为 2.59 亿美元。</blockquote></p><p> The revenue of the company’s cybersecurity business was flat year-over-year at $120 million. The unit accounted for 69% of the company’s overall sales. The sales of its QNX-dominated IoT unit, which Bezek thought was a bright spot in an otherwise terrible situation , generated a year-over-year sales increase of 29%, with its top line reaching $40 million. However, its licensing and other segment had just $15 million in revenue in the quarter, down from $108 million a year earlier.</p><p><blockquote>该公司网络安全业务的收入同比持平，为 1.2 亿美元。该部门占公司总销售额的 69%。Bezek 认为其以 QNX 为主的物联网部门的销售额同比增长 29%，营收达到 4000 万美元，这是一个糟糕形势下的一个亮点。然而，其授权和其他部门本季度的收入仅为 1500 万美元，低于去年同期的 1.08 亿美元。</blockquote></p><p> Segment Revenue for All of 2022</p><p><blockquote>2022 年全年分部收入</blockquote></p><p> According to BlackBerry’s Q2 10-Q report, the company says it expects its cybersecurity unit to generate modest sequential growth for the final two quarters. Let’s assume 5% sequential growth each quarter. That translates to $126 million in Q3 and $132 million in Q4, resulting in a full-year total of $485.3 million.</p><p><blockquote>根据黑莓第二季度 10-Q 报告，该公司表示，预计其网络安全部门在最后两个季度将实现温和的环比增长。假设每个季度环比增长 5%。这意味着第三季度为 1.26 亿美元，第四季度为 1.32 亿美元，全年总额为 4.853 亿美元。</blockquote></p><p> As for IoT, its revenue climbed 23% over the first half of the year, to $83 million. So let’s assume that it generates $166 million in 2021 . That brings us to $651.3 million in full-year revenue from two out of the company’s three segments.</p><p><blockquote>至于物联网，其上半年收入增长了23%，达到8300万美元。假设它在 2021 年将产生 1.66 亿美元的收入。这样一来，公司三个部门中的两个部门的全年收入就达到了 6.513 亿美元。</blockquote></p><p> Finally, its licensing and other segment, which includes its patent portfolio, is expected to generate $60 million in 2022, down from its original guidance of $100 million.</p><p><blockquote>最后，其许可和其他部门（包括其专利组合）预计到 2022 年将产生 6000 万美元的收入，低于最初指导的 1 亿美元。</blockquote></p><p> That would bring the company’s revenue this year to $711.3 million. Last year, its top line was$893 million. If my estimates prove to be correct, BlackBerry’s revenues will have declined over 31.6% since 2018.</p><p><blockquote>这将使该公司今年的收入达到 7.113 亿美元。去年，其营收为 8.93 亿美元。如果我的估计被证明是正确的，那么自 2018 年以来，黑莓的收入将下降超过 31.6%。</blockquote></p><p> And, based on my estimates, the IoT segment would only account for 23% of the company’s overall revenue.</p><p><blockquote>根据我的估计，物联网业务仅占公司总收入的 23%。</blockquote></p><p> The Bottom Line</p><p><blockquote>底线</blockquote></p><p> Why would Alphabet or Qualcomm pay $6.2 billion for BlackBerry when they could only immediately utilize the IoT segment, which I expect to generate $166 million of revenue this year? That’s a price-sales multiple of 37 times.</p><p><blockquote>为什么Alphabet或高通要为黑莓支付62亿美元，而他们只能立即利用物联网领域，我预计今年该领域将产生1.66亿美元的收入？这是 37 倍的市销率。</blockquote></p><p> It’s true that a purchase price of $6.2 billion would value the entire company at eight times sales, based on my estimate. But then the acquirer would have to spend time extracting the necessary value from BlackBerry’s cybersecurity and patent portfolio segments to justify the multiple.</p><p><blockquote>的确，根据我的估计，62 亿美元的收购价将使整个公司的估值达到销售额的八倍。但这样一来，收购方就必须花时间从黑莓的网络安全和专利投资组合中提取必要的价值，以证明倍数的合理性。</blockquote></p><p> I don’t think that will happen because, in order to stay in business, BlackBerry will gladly sell Google the QNX Hypervisor software needed to run the Android Automotive operating system.</p><p><blockquote>我认为这种情况不会发生，因为为了继续经营，黑莓会很乐意向谷歌出售运行安卓汽车操作系统所需的 QNX 虚拟机管理程序软件。</blockquote></p><p> From my vantage point, BlackBerry is in no position to reel in such a significant buyer. Maybe I’m wrong, but I don’t think so.</p><p><blockquote>从我的角度来看，黑莓没有能力吸引这样一个重要的买家。也许我错了，但我不这么认为。</blockquote></p><p> BB stock isn’t worth more than single digits.</p><p><blockquote>BB 股票的价值不超过个位数。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google Is Never Going to Buy BlackBerry<blockquote>谷歌永远不会收购黑莓</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoogle Is Never Going to Buy BlackBerry<blockquote>谷歌永远不会收购黑莓</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investorplace</strong><span class=\"h-time small\">2021-11-11 16:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>InvestorPlace</i> columnist Larry Ramer recently argued that <b>Alphabet</b>(NASDAQ:<b>GOOG</b>, NASDAQ:<b>GOOGL</b>) and <b>Qualcomm</b>(NASDAQ:<b>QCOM</b>) would become potential buyers of <b>BlackBerry</b>(NYSE:<b>BB</b>) once they become more familiar with the company’s QNX operating system. Ramer believes that’sa good reason to buy BB stock.</p><p><blockquote><i>投资者场所</i>专栏作家拉里·拉默最近认为<b>Alphabet</b>（纳斯达克：<b>谷歌</b>, 纳斯达克：<b>GOOGL</b>）和<b>高通</b>（纳斯达克：<b>QCOM</b>）将成为潜在买家<b>黑莓</b>（纽约证券交易所：<b>BB</b>) 一旦他们更加熟悉该公司的 QNX 操作系统。Ramer 认为这是购买 BB 股票的充分理由。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d52520ddc73d872a11a9696164e219bb\" tg-width=\"704\" tg-height=\"387\" width=\"100%\" height=\"auto\"><span>the BlackBerry logo presented on a white backgroundSource: Shutterstock</span></p><p><blockquote><p class=\"t-img-caption\"><span>白色背景上的黑莓标志来源：Shutterstock</span></p></blockquote></p><p> “Companies can’t hire enough cybersecurity experts to protect themselves from ruinous hacks, so they need top-notch products like those of BlackBerry to defend themselves,” Ramer stated in his Oct. 18 column.</p><p><blockquote>“拉默在 10 月 18 日的专栏中说：”公司无法聘请足够的网络安全专家来保护自己免受毁灭性黑客攻击，因此他们需要像黑莓这样的顶级产品来保护自己。</blockquote></p><p> “As a result, there’s tremendous demand for BlackBerry’s products, making the company a potentially alluring takeover target. Additionally, BlackBerry’s systems will enhance the attractiveness of an acquirer’s products…by making them more secure and private.”</p><p><blockquote>“因此，对黑莓产品的需求巨大，使该公司成为潜在的诱人收购目标。此外，黑莓的系统将提高收购方产品的吸引力.通过使其更加安全和私密”。</blockquote></p><p> Perhaps I’m missing something. Isn’t BlackBerry still losing money? And if the QNX operating system was so vital to Google’s business, I am sure that Alphabet would already have acquired BlackBerry.</p><p><blockquote>也许我错过了什么。黑莓不是还在亏损吗？如果 QNX 操作系统对谷歌的业务如此重要，我相信Alphabet早就收购黑莓了。</blockquote></p><p> It doesn’t seem like sensible capital allocation for Alphabet to pay billions of dollars to acquire BlackBerry when it can give the Canadian company a lifeline by choosing to work with it on Android Automotive.</p><p><blockquote>对于Alphabet来说，支付数十亿美元收购黑莓似乎并不是明智的资本配置，而选择与这家加拿大公司在 Android Automotive 上合作可以给这家加拿大公司一条生命线。</blockquote></p><p> In the end, Alphabet may buy BlackBerry.However, I don’t think that’s going to happen. Here’s why.</p><p><blockquote>最终，Alphabet可能会收购黑莓。不过，我认为这不会发生。原因如下。</blockquote></p><p> BB Stock Is Up 113% Over the Past Year</p><p><blockquote>BB 股票过去一年上涨了 113%</blockquote></p><p> Although BB stock is up 120% over the past 12 months, it’s traded between $10 and $15 for most of 2021.</p><p><blockquote>虽然 BB 股票在过去 12 个月中上涨了 120%，但在 2021 年的大部分时间里，其交易价格都在 10 美元到 15 美元之间。</blockquote></p><p> In mid-September, before BlackBerry reported less-than-stellar fiscal second-quarter results,<i>InvestorPlace</i> contributor Ian Bezek argued that there was little evidence to point to a turnaround by the company.</p><p><blockquote>9 月中旬，在黑莓公布不太出色的第二财季业绩之前，<i>投资者场所</i>撰稿人伊恩·贝泽克 (Ian Bezek) 认为，几乎没有证据表明该公司出现了转机。</blockquote></p><p> Except for its Internet of Things (IoT) applications, including its QNX operating system, there was little at BlackBerry to justify its hefty valuation,, Bezek said.</p><p><blockquote>Bezek 表示，除了物联网 (IoT) 应用（包括 QNX 操作系统）之外，黑莓几乎没有什么可以证明其高昂的估值是合理的。</blockquote></p><p> So let’s consider itsQ2 results.</p><p><blockquote>那么，让我们来看看第二季度的结果。</blockquote></p><p> Its three operating segments combined delivered a 32.4% decrease in revenue — $175 million compared to $259 million — over the same period a year earlier.</p><p><blockquote>其三个运营部门的总收入比去年同期下降了 32.4%，为 1.75 亿美元，而去年同期为 2.59 亿美元。</blockquote></p><p> The revenue of the company’s cybersecurity business was flat year-over-year at $120 million. The unit accounted for 69% of the company’s overall sales. The sales of its QNX-dominated IoT unit, which Bezek thought was a bright spot in an otherwise terrible situation , generated a year-over-year sales increase of 29%, with its top line reaching $40 million. However, its licensing and other segment had just $15 million in revenue in the quarter, down from $108 million a year earlier.</p><p><blockquote>该公司网络安全业务的收入同比持平，为 1.2 亿美元。该部门占公司总销售额的 69%。Bezek 认为其以 QNX 为主的物联网部门的销售额同比增长 29%，营收达到 4000 万美元，这是一个糟糕形势下的一个亮点。然而，其授权和其他部门本季度的收入仅为 1500 万美元，低于去年同期的 1.08 亿美元。</blockquote></p><p> Segment Revenue for All of 2022</p><p><blockquote>2022 年全年分部收入</blockquote></p><p> According to BlackBerry’s Q2 10-Q report, the company says it expects its cybersecurity unit to generate modest sequential growth for the final two quarters. Let’s assume 5% sequential growth each quarter. That translates to $126 million in Q3 and $132 million in Q4, resulting in a full-year total of $485.3 million.</p><p><blockquote>根据黑莓第二季度 10-Q 报告，该公司表示，预计其网络安全部门在最后两个季度将实现温和的环比增长。假设每个季度环比增长 5%。这意味着第三季度为 1.26 亿美元，第四季度为 1.32 亿美元，全年总额为 4.853 亿美元。</blockquote></p><p> As for IoT, its revenue climbed 23% over the first half of the year, to $83 million. So let’s assume that it generates $166 million in 2021 . That brings us to $651.3 million in full-year revenue from two out of the company’s three segments.</p><p><blockquote>至于物联网，其上半年收入增长了23%，达到8300万美元。假设它在 2021 年将产生 1.66 亿美元的收入。这样一来，公司三个部门中的两个部门的全年收入就达到了 6.513 亿美元。</blockquote></p><p> Finally, its licensing and other segment, which includes its patent portfolio, is expected to generate $60 million in 2022, down from its original guidance of $100 million.</p><p><blockquote>最后，其许可和其他部门（包括其专利组合）预计到 2022 年将产生 6000 万美元的收入，低于最初指导的 1 亿美元。</blockquote></p><p> That would bring the company’s revenue this year to $711.3 million. Last year, its top line was$893 million. If my estimates prove to be correct, BlackBerry’s revenues will have declined over 31.6% since 2018.</p><p><blockquote>这将使该公司今年的收入达到 7.113 亿美元。去年，其营收为 8.93 亿美元。如果我的估计被证明是正确的，那么自 2018 年以来，黑莓的收入将下降超过 31.6%。</blockquote></p><p> And, based on my estimates, the IoT segment would only account for 23% of the company’s overall revenue.</p><p><blockquote>根据我的估计，物联网业务仅占公司总收入的 23%。</blockquote></p><p> The Bottom Line</p><p><blockquote>底线</blockquote></p><p> Why would Alphabet or Qualcomm pay $6.2 billion for BlackBerry when they could only immediately utilize the IoT segment, which I expect to generate $166 million of revenue this year? That’s a price-sales multiple of 37 times.</p><p><blockquote>为什么Alphabet或高通要为黑莓支付62亿美元，而他们只能立即利用物联网领域，我预计今年该领域将产生1.66亿美元的收入？这是 37 倍的市销率。</blockquote></p><p> It’s true that a purchase price of $6.2 billion would value the entire company at eight times sales, based on my estimate. But then the acquirer would have to spend time extracting the necessary value from BlackBerry’s cybersecurity and patent portfolio segments to justify the multiple.</p><p><blockquote>的确，根据我的估计，62 亿美元的收购价将使整个公司的估值达到销售额的八倍。但这样一来，收购方就必须花时间从黑莓的网络安全和专利投资组合中提取必要的价值，以证明倍数的合理性。</blockquote></p><p> I don’t think that will happen because, in order to stay in business, BlackBerry will gladly sell Google the QNX Hypervisor software needed to run the Android Automotive operating system.</p><p><blockquote>我认为这种情况不会发生，因为为了继续经营，黑莓会很乐意向谷歌出售运行安卓汽车操作系统所需的 QNX 虚拟机管理程序软件。</blockquote></p><p> From my vantage point, BlackBerry is in no position to reel in such a significant buyer. Maybe I’m wrong, but I don’t think so.</p><p><blockquote>从我的角度来看，黑莓没有能力吸引这样一个重要的买家。也许我错了，但我不这么认为。</blockquote></p><p> BB stock isn’t worth more than single digits.</p><p><blockquote>BB 股票的价值不超过个位数。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/google-never-going-buy-blackberry-185736613.html\">investorplace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BB":"黑莓","GOOG":"谷歌"},"source_url":"https://finance.yahoo.com/news/google-never-going-buy-blackberry-185736613.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128683847","content_text":"InvestorPlace columnist Larry Ramer recently argued that Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL) and Qualcomm(NASDAQ:QCOM) would become potential buyers of BlackBerry(NYSE:BB) once they become more familiar with the company’s QNX operating system. Ramer believes that’sa good reason to buy BB stock.\nthe BlackBerry logo presented on a white backgroundSource: Shutterstock\n“Companies can’t hire enough cybersecurity experts to protect themselves from ruinous hacks, so they need top-notch products like those of BlackBerry to defend themselves,” Ramer stated in his Oct. 18 column.\n“As a result, there’s tremendous demand for BlackBerry’s products, making the company a potentially alluring takeover target. Additionally, BlackBerry’s systems will enhance the attractiveness of an acquirer’s products…by making them more secure and private.”\nPerhaps I’m missing something. Isn’t BlackBerry still losing money? And if the QNX operating system was so vital to Google’s business, I am sure that Alphabet would already have acquired BlackBerry.\nIt doesn’t seem like sensible capital allocation for Alphabet to pay billions of dollars to acquire BlackBerry when it can give the Canadian company a lifeline by choosing to work with it on Android Automotive.\nIn the end, Alphabet may buy BlackBerry.However, I don’t think that’s going to happen. Here’s why.\nBB Stock Is Up 113% Over the Past Year\nAlthough BB stock is up 120% over the past 12 months, it’s traded between $10 and $15 for most of 2021.\nIn mid-September, before BlackBerry reported less-than-stellar fiscal second-quarter results,InvestorPlace contributor Ian Bezek argued that there was little evidence to point to a turnaround by the company.\nExcept for its Internet of Things (IoT) applications, including its QNX operating system, there was little at BlackBerry to justify its hefty valuation,, Bezek said.\nSo let’s consider itsQ2 results.\nIts three operating segments combined delivered a 32.4% decrease in revenue — $175 million compared to $259 million — over the same period a year earlier.\nThe revenue of the company’s cybersecurity business was flat year-over-year at $120 million. The unit accounted for 69% of the company’s overall sales. The sales of its QNX-dominated IoT unit, which Bezek thought was a bright spot in an otherwise terrible situation , generated a year-over-year sales increase of 29%, with its top line reaching $40 million. However, its licensing and other segment had just $15 million in revenue in the quarter, down from $108 million a year earlier.\nSegment Revenue for All of 2022\nAccording to BlackBerry’s Q2 10-Q report, the company says it expects its cybersecurity unit to generate modest sequential growth for the final two quarters. Let’s assume 5% sequential growth each quarter. That translates to $126 million in Q3 and $132 million in Q4, resulting in a full-year total of $485.3 million.\nAs for IoT, its revenue climbed 23% over the first half of the year, to $83 million. So let’s assume that it generates $166 million in 2021 . That brings us to $651.3 million in full-year revenue from two out of the company’s three segments.\nFinally, its licensing and other segment, which includes its patent portfolio, is expected to generate $60 million in 2022, down from its original guidance of $100 million.\nThat would bring the company’s revenue this year to $711.3 million. Last year, its top line was$893 million. If my estimates prove to be correct, BlackBerry’s revenues will have declined over 31.6% since 2018.\nAnd, based on my estimates, the IoT segment would only account for 23% of the company’s overall revenue.\nThe Bottom Line\nWhy would Alphabet or Qualcomm pay $6.2 billion for BlackBerry when they could only immediately utilize the IoT segment, which I expect to generate $166 million of revenue this year? That’s a price-sales multiple of 37 times.\nIt’s true that a purchase price of $6.2 billion would value the entire company at eight times sales, based on my estimate. But then the acquirer would have to spend time extracting the necessary value from BlackBerry’s cybersecurity and patent portfolio segments to justify the multiple.\nI don’t think that will happen because, in order to stay in business, BlackBerry will gladly sell Google the QNX Hypervisor software needed to run the Android Automotive operating system.\nFrom my vantage point, BlackBerry is in no position to reel in such a significant buyer. Maybe I’m wrong, but I don’t think so.\nBB stock isn’t worth more than single digits.","news_type":1,"symbols_score_info":{"BB":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":2655,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/870236722"}
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