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Business, Financial & Legal Posts - Page 76

BlackBerry to blow most of its $2.6 billion cash pile very quickly

BlackBerry won't be part of the consumer handset market soon, but the Canadian phone maker does have a decent cash pile at the moment: around $2.6 billion. Not huge, but it's still in the billions.

 

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AllThingsD is reporting from a research note from Bernstein Research analyst Pierre Ferragu, who says that BlackBerry is on track to blowing through $2 billion of its cash pile, over the next six quarters. This is just 18 months away. He says that this is because "the company is losing users at a very high pace, has a stretched working capital and massive off-balance-sheet commitments that will turn into cash burn in the next four quarters."

 

Ferragu also believes that this cash burning could also put problems on its deal with Fairfax Financial, who plans to buy the company at $9 per share with many potential investors starting to worry if BB begins whipping out its wad of cash left, right and center. BlackBerry is on track to spend over $500 million of its $2.6 billion cash pile in the next three months alone, so I think we'll see this money disappear quicker than 18 months.

RumorTT: Samsung to purchase stake in Best Buy

Samsung is looking to post yet another record quarter, with the South Korean giant reportedly in the motions to purchase a stake in Best Buy. Best Buy is one of the largest retailers in the US, so it would be a big scoop for Samsung to own a stake of it.

 

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Samsung's Vice Chairman, Lee Jae-yong spoke with The Korea Times, saying that he "recently met with senior executives at Best Buy and discussed pending business issues." The Galaxy device maker has already worked with the US retail giant on the "Samsung Experience Shops" that have been opening up within Best Buy stores across the United States.

 

This move will only increase its exposure within the US, acting like quasi-Apple Stores, which will help Samsung sell even more smartphones in the US market than they do now.

Samsung estimated to rake in record $9.4 billion profit this quarter

Samsung has teased the world with its earnings estimates for Q3 2013, where it looks like the South Korean giant will break records, again. Samsung is looking to report $53.9 billion in total revenue, with an operating profit of around $9.4 billion.

 

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This is extremely good for the company, as it represents an increase from its $8.5 billion from its last quarter, and $51 billion in sales. When compared to its results from this time last year, it's a much bigger increase from the $48.5 billion in sales and $7.5 billion in profits. This represents an increase of 13% year-over-year.

Apple to power up Siri with its acquisition of Cue

It looks like Apple is wanting to strengthen its voice assistant, Siri, with its acquisition of Cue. Cue is a personal assistant application that has been an iOS exclusive.

 

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AppleInsider reports that Cue's functionality is similar to the sort of predictive information delivery that is very similar to Google Now, which is incredible. Apple has always put continuous work into Siri, but it looks like this acquisition of Cue could help them better compete with Google and its incredible Now service.

Twitter is looking to raise $1 billion with its IPO

Twitter is closer to its IPO, pushing out its IPO filing with the United States Securities and Exchange Commission. The social network filed an S-1 behind closed doors earlier in the year, as they were able to do so because Twitter's annual revenue was less than $1 billion last year.

 

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Now that Twitter's S-1 in public, we can find out what its financials are ahead of its IPO. The social network is looking to raise $1 billion, which will be underwritten by Goldman Sachs, Morgan Stanley and a bunch of other banks. Twitter will share its trade under the ticker TWTR.

HTC's Q3 2013 sees $101 million operating loss

We know HTC aren't doing well, but it looks like the problem it is going through is continuing. The Taiwanese manufacturer has posted up its preliminary unaudited financial results for Q3 2013, posting an operating loss of $101 million.

 

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This is the first operating loss in HTC's history, but take a look at the break down in its Q3 2013 financials:

 

  • Total revenues of $1.6 billion (NT$47.05 billion)
  • Operating loss before tax of $119.4 million (NT$3.50 billion)
  • Operating loss after tax of $101.3 million (NT$2.97 billion)
  • Earnings per share after tax of -$0.12 (-NT$3.58)

Runnable say it wants to be the YouTube of shared code

A new startup is looking to be the defacto place coders and developers visit to search for existing code examples. The brainchild of Yash Kumar, a former software engineer at Amazon, has launched a new company called Runnable. The startup is dedicated to making all of the open source code, and existing code examples easily findable.

 

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The company has launched a website that aggregates APIs, scripts, and other reusable bits of code, which is said to greatly speed up the research and discovery process. Runnable says its users can search for specific code or APIs, upload and share their own code, and even search code by the language it was written in. Basically if you are a fan of 3D printing, Runnable is very much like Thingiverse.

Apple's $147 billion cash pile totals 10% of total US corporate cash

Apple currently enjoys swimming through its $147 billion pile of cash, with Moody estimating that Apple's massive pile of cash represents around 10% of the $1.48 trillion in cash held by non-financial American companies.

 

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This is a huge number, something that should make your head spin. Apple's cash reserves have actually grown since the end of last year, by around 9.5%. Apple has been spending billions of dollars in the meantime, with its cash pile still nearly double that of Microsoft's.

BlackBerry layoff costs skyrocket, will cost over $400 million

BlackBerry continue to hurt, even after it announces it is retreating out of the consumer handset market. It is being reported that the 4,500 layoffs the Canadian phone maker is doing, will cost them $400 million.

 

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This is four times the initial estimates, something we're finding out thanks to the regulatory filing that BlackBerry filed last week. The company also says that it "plans to unload factories, manufacturing gear and property." This all sounds like BlackBerry landed on Mayfair loaded with a hotel, and is now mortgaging everything it's got to not just sink.

 

BlackBerry reported last week its second quarter earnings, which saw a 49% year-over-year drop in revenues.

Google acquires startup company Flutter, who work on gesture tech

Before today, you probably haven't heard of Flutter, who are a startup company working on gesture recognition technology. Well, neither did I, but the startup has been acquired by Google.

 

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Flutter's gesture recognition technology focused on getting it working with a standard camera interface, such as webcams. Currently, Flutter only ships a Windows and Mac app, with this software continuing to work even though it has been acquired by Google. Google must see a future in the company, hence the acquisition that might help it with its future in gesture technology.

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