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Dijeo
2021-11-11

Google Is Never Going to Buy BlackBerry<blockquote>谷歌永远不会收购黑莓</blockquote>

InvestorPlace columnist Larry Ramer recently argued that Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL) and Qua

Google Is Never Going to Buy BlackBerry<blockquote>谷歌永远不会收购黑莓</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":870236722,"tweetId":"870236722","gmtCreate":1636620987942,"gmtModify":1636620987942,"author":{"id":3585890841137875,"idStr":"3585890841137875","authorId":3585890841137875,"authorIdStr":"3585890841137875","name":"Dijeo","avatar":"https://static.tigerbbs.com/9e51180e78d521490f2feda021774672","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":8,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Ok</body></html>","htmlText":"<html><head></head><body>Ok</body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/870236722","repostId":1128683847,"repostType":4,"repost":{"id":"1128683847","kind":"news","pubTimestamp":1636619695,"share":"https://www.laohu8.com/m/news/1128683847?lang=zh_CN&edition=full","pubTime":"2021-11-11 16:34","market":"us","language":"en","title":"Google Is Never Going to Buy BlackBerry<blockquote>谷歌永远不会收购黑莓</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128683847","media":"investorplace","summary":"InvestorPlace columnist Larry Ramer recently argued that Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL) and Qua","content":"InvestorPlace&nbsp;columnist&nbsp;Larry Ramer recently argued that&nbsp;Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL) and&nbsp;Qualcomm(NASDAQ:QCOM) would become potential buyers of&nbsp;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.<blockquote>InvestorPlace专栏作家拉里·拉默最近认为Alphabet（纳斯达克：谷歌，纳斯达克：GOOGL）和Qualcomm（纳斯达克：QCOM）将成为潜在买家黑莓（纽约证券交易所：BB）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股票的好理由。</blockquote> <img src=\"https://static.tigerbbs.com/d52520ddc73d872a11a9696164e219bb\" tg-width=\"704\" tg-height=\"387\" width=\"100%\" height=\"auto\">the BlackBerry logo presented on a white backgroundSource: Shutterstock<blockquote>白色背景上的黑莓标志来源：Shutterstock</blockquote> “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.<blockquote>拉默在10月18日的专栏中表示：“公司无法聘请足够多的网络安全专家来保护自己免受毁灭性的黑客攻击，因此他们需要像黑莓这样的顶级产品来保护自己。”</blockquote> “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.”<blockquote>“因此，对黑莓产品的需求巨大，使该公司成为潜在的有吸引力的收购目标。此外，黑莓的系统将增强收购方产品的吸引力……使其更加安全和私密性。”</blockquote> 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.<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早就收购了黑莓。</blockquote> 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.<blockquote>对于Alphabet来说，支付数十亿美元收购黑莓似乎不是明智的资本配置，因为它可以通过选择与这家加拿大公司合作开发Android Automotive来为这家加拿大公司提供生命线。</blockquote> In the end, Alphabet may buy BlackBerry.However, I don’t think that’s going to happen. Here’s why.<blockquote>最终，Alphabet可能会买下黑莓。然而，我认为这不会发生。原因如下。</blockquote> BB Stock Is Up 113% Over the Past Year<blockquote>BB股价过去一年上涨113%</blockquote> Although BB stock is up 120% over the past 12 months, it’s traded between $10 and $15 for most of 2021.<blockquote>尽管BB股价在过去12个月内上涨了120%，但在2021年的大部分时间里，其交易价格都在10美元至15美元之间。</blockquote> In mid-September, before BlackBerry reported less-than-stellar fiscal second-quarter results,InvestorPlace&nbsp;contributor&nbsp;Ian Bezek argued that there was&nbsp;little evidence&nbsp;to point to a turnaround by the company.<blockquote>9月中旬，在黑莓公布不太理想的第二财季业绩之前，InvestorPlace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好转。</blockquote> 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.<blockquote>Bezek表示，除了包括QNX操作系统在内的物联网(IoT)应用之外，黑莓几乎没有什么可以证明其高估值的合理性。</blockquote> So let’s consider itsQ2 results.<blockquote>所以让我们考虑一下它的Q2结果。</blockquote> 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.<blockquote>其三个运营部门的收入合计下降了32.4%，为1.75亿美元，而去年同期为2.59亿美元。</blockquote> 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.<blockquote>该公司网络安全业务收入同比持平，为1.2亿美元。该单位占公司整体销售额的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，Bezek认为这是糟糕形势下的一个亮点。然而，其许可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> Segment Revenue for All of 2022<blockquote>2022年全年分部收入</blockquote> 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.<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将在最后两个季度实现温和的环比增长。让我们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> 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.<blockquote>至于物联网，其收入上半年增长23%，达到8300万美元。因此，让我们假设它在2021年产生1.66亿美元的收入。这使得公司三个部门中的两个部门的全年收入达到6.513亿美元。</blockquote> 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.<blockquote>最后，其许可和其他部门（包括其专利组合）预计将在2022年产生6000万美元的收入，低于最初指导的1亿美元。</blockquote> 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.<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，黑莓的收入自2018年以来将下降31.6%以上。</blockquote> And, based on my estimates, the IoT segment would only account for 23% of the company’s overall revenue.<blockquote>而且，根据我的估计，物联网部门仅占公司总收入的23%。</blockquote> The Bottom Line<blockquote>底线</blockquote> 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.<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，我预计该领域今年将产生1.66亿美元的收入？这是37倍的市销率。</blockquote> 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.<blockquote>确实，根据我的估计，62亿美元的收购价格将使整个公司的估值达到销售额的八倍。但随后收购方将不得不花时间从黑莓的网络安全和专利组合领域提取必要的价值，以证明倍数的合理性。</blockquote> 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.<blockquote>我认为这不会发生，因为为了继续经营下去，黑莓会很乐意向谷歌出售运行Android汽车操作系统所需的QNX虚拟机管理程序软件。</blockquote> 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.<blockquote>从我的角度来看，黑莓没有能力吸引如此重要的买家。也许我错了，但我不这么认为。</blockquote> BB stock isn’t worth more than single digits.<blockquote>BB股票的价值不超过个位数。</blockquote>","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\ninvestorplace2021-11-11 16:34\n\n</h4>\n</header>\n<article>\nInvestorPlace&nbsp;columnist&nbsp;Larry Ramer recently argued that&nbsp;Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL) and&nbsp;Qualcomm(NASDAQ:QCOM) would become potential buyers of&nbsp;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.<blockquote>InvestorPlace专栏作家拉里·拉默最近认为Alphabet（纳斯达克：谷歌，纳斯达克：GOOGL）和Qualcomm（纳斯达克：QCOM）将成为潜在买家黑莓（纽约证券交易所：BB）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股票的好理由。</blockquote> <img src=\"https://static.tigerbbs.com/d52520ddc73d872a11a9696164e219bb\" tg-width=\"704\" tg-height=\"387\" width=\"100%\" height=\"auto\">the BlackBerry logo presented on a white backgroundSource: Shutterstock<blockquote>白色背景上的黑莓标志来源：Shutterstock</blockquote> “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.<blockquote>拉默在10月18日的专栏中表示：“公司无法聘请足够多的网络安全专家来保护自己免受毁灭性的黑客攻击，因此他们需要像黑莓这样的顶级产品来保护自己。”</blockquote> “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.”<blockquote>“因此，对黑莓产品的需求巨大，使该公司成为潜在的有吸引力的收购目标。此外，黑莓的系统将增强收购方产品的吸引力……使其更加安全和私密性。”</blockquote> 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.<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早就收购了黑莓。</blockquote> 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.<blockquote>对于Alphabet来说，支付数十亿美元收购黑莓似乎不是明智的资本配置，因为它可以通过选择与这家加拿大公司合作开发Android Automotive来为这家加拿大公司提供生命线。</blockquote> In the end, Alphabet may buy BlackBerry.However, I don’t think that’s going to happen. Here’s why.<blockquote>最终，Alphabet可能会买下黑莓。然而，我认为这不会发生。原因如下。</blockquote> BB Stock Is Up 113% Over the Past Year<blockquote>BB股价过去一年上涨113%</blockquote> Although BB stock is up 120% over the past 12 months, it’s traded between $10 and $15 for most of 2021.<blockquote>尽管BB股价在过去12个月内上涨了120%，但在2021年的大部分时间里，其交易价格都在10美元至15美元之间。</blockquote> In mid-September, before BlackBerry reported less-than-stellar fiscal second-quarter results,InvestorPlace&nbsp;contributor&nbsp;Ian Bezek argued that there was&nbsp;little evidence&nbsp;to point to a turnaround by the company.<blockquote>9月中旬，在黑莓公布不太理想的第二财季业绩之前，InvestorPlace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好转。</blockquote> 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.<blockquote>Bezek表示，除了包括QNX操作系统在内的物联网(IoT)应用之外，黑莓几乎没有什么可以证明其高估值的合理性。</blockquote> So let’s consider itsQ2 results.<blockquote>所以让我们考虑一下它的Q2结果。</blockquote> 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.<blockquote>其三个运营部门的收入合计下降了32.4%，为1.75亿美元，而去年同期为2.59亿美元。</blockquote> 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.<blockquote>该公司网络安全业务收入同比持平，为1.2亿美元。该单位占公司整体销售额的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，Bezek认为这是糟糕形势下的一个亮点。然而，其许可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> Segment Revenue for All of 2022<blockquote>2022年全年分部收入</blockquote> 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.<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将在最后两个季度实现温和的环比增长。让我们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> 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.<blockquote>至于物联网，其收入上半年增长23%，达到8300万美元。因此，让我们假设它在2021年产生1.66亿美元的收入。这使得公司三个部门中的两个部门的全年收入达到6.513亿美元。</blockquote> 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.<blockquote>最后，其许可和其他部门（包括其专利组合）预计将在2022年产生6000万美元的收入，低于最初指导的1亿美元。</blockquote> 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.<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，黑莓的收入自2018年以来将下降31.6%以上。</blockquote> And, based on my estimates, the IoT segment would only account for 23% of the company’s overall revenue.<blockquote>而且，根据我的估计，物联网部门仅占公司总收入的23%。</blockquote> The Bottom Line<blockquote>底线</blockquote> 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.<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，我预计该领域今年将产生1.66亿美元的收入？这是37倍的市销率。</blockquote> 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.<blockquote>确实，根据我的估计，62亿美元的收购价格将使整个公司的估值达到销售额的八倍。但随后收购方将不得不花时间从黑莓的网络安全和专利组合领域提取必要的价值，以证明倍数的合理性。</blockquote> 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.<blockquote>我认为这不会发生，因为为了继续经营下去，黑莓会很乐意向谷歌出售运行Android汽车操作系统所需的QNX虚拟机管理程序软件。</blockquote> 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.<blockquote>从我的角度来看，黑莓没有能力吸引如此重要的买家。也许我错了，但我不这么认为。</blockquote> BB stock isn’t worth more than single digits.<blockquote>BB股票的价值不超过个位数。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/google-never-going-buy-blackberry-185736613.html\">investorplace</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\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":{"GOOG":0.9,"BB":0.9}},"isVote":1,"tweetType":1,"viewCount":1585,"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,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}