I suspect that Fairfax has no rabbit to pull out of the hat. Close of US business is the deadline by which Fairfax must firm up its $4.7bn ($9 per share) bid to take BlackBerry private. So far no partners have been announced and it looks very likely to that no commitment for financing has...
One black eye does not make a knock-out. Sony is paying the price for its ambition with an awful set of results. Sony reported Q2 13 results that were far worse than expectations and also cut its full year profit (March 14) forecast by 40%. Q2 13 revenues and net income were JPY 1,775bn /...
There are signs of stability that Wall Street will over interpret. Facebook comfortably beat forecasts but comments around usage and limiting the degree of monetisation caused a 15% reversal in the share price after hours. Q3 revenues / EPS were $2.02bn / $0.25 compared to forecasts of $1.91bn / $0.19. Mobile revenues were very strong...
A big bump up but still a long way to go. BlackBerry has gained 20m BBM subscribers in the last week after making the service available on iOS or Android. This has taken the number of BBM subscribers to 80m which is a nice bump up but still a very long way adrift of the...
Growth from here needs another segment. Apple reported good Q4 results but concerns around competition and profitability caused weakness in after-hours trading. Revenues / EPS were $37.47bn / $8.26 which was better than consensus at $36.84bn and $7.93. Q4 shipment numbers / ASPs were: iPhone: 33.8m ahead of consensus at 33.4m but ASPs were soft,...
Valuations in this segment are reaching nose bleed territory. Just four months ago Snapchat closed a series B round of $60m with a valuation of $860m (post money). Institutional Venture Partners and its co-investors will be smiling this morning as talks are being held with regard to selling a much larger stake to a strategic...
Microsoft and Amazon both had good nights on Thursday. Amazon posted fantastic sales but lousy profitability while Microsoft was bailed out by enterprise once again. Amazon Amazon reported Q3 revenues / EPS of $17.1bn / LOSS $0.09 compared to consensus at $16.7bn / LOSS $0.09. Guidance was very wide with revenues of $23.5bn-$26.5bn and EBIT...
Qualcomm and MediaTek have at least one hurrah left. In the latest twist, Samsung and Corning have tidied up the shareholding around the j.v. Samsung Corning Precision Materials with Corning buying Samsung’s 43% stake. In return Samsung becomes a 7.4% shareholder in Corning which comes with a long term supply agreement lasting until 2023. This...
Apple’s launches will keep share, nothing more. Apple stayed within the boundaries of the rumour machine yesterday in refreshing its line-up but not venturing anywhere off the beaten track. Top of the bill were the two new iPads. The iPad Air which is much lighter than its predecessor at 450g and takes the device realistically...
Richard is founder, owner of research company, Radio Free Mobile. He has 16 years of experience working in sell side equity research. During his 11 year tenure at Nomura Securities, he focused on the equity coverage of the Global Technology sector.
Twitter – Empty table
There is now nothing left on the table for shareholders. Expectations are that Twitter will price above the top of the already increased price range. This moves the shares meaningfully above my valuation before it even trades. Don’t get me wrong, I like Twitter as a company. I think that it has steady growth secured...