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Blackberry loss swells to USD 670 mln after writedowns
2016-06-23 15:07:00| Telecompaper Headlines
(Telecompaper) BlackBerry recorded a net loss of USD 670 million for its fiscal first quarter to May, reversing a profit of USD 68 million a year ago. The company took a number of writedowns in the quarter, including USD 501 million on assets, USD 57 million on goodwill and USD 41 million on inventory. Gross profit halved to USD 154 million, as revenue fell to USD 400 million from USD 658 million a year ago. BlackBerry said adjusted EBITDA remained positive for the tenth consecutive quarter and should remain so over the full year. Cash flow should also be positive over the full year, after a cash burn of USD 65 million in Q1, and the company said its more efficient operating model should mean an annual adjusted net loss half what the market currently expects, at around USD 0.15 per share.
Tags: loss
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Twilio raises USD 150 mln in IPO
2016-06-23 08:34:00| Telecompaper Headlines
(Telecompaper) Twilio, the maker of a platform for developing communication apps, has raised USD 150 million in its initial public offering of shares. The 10 million shares for sale were priced at USD 15 per share and will start trading 23 June on the New York Stock Exchange. The shares were priced above the indicated range of USD 12-14, and the pricing gives the company a market capitalisation of around USD 1.2 billion. Twilio has granted the underwriters a 30-day option to purchase up to 1.5 million additional shares at the initial public offering price.
Samsung plans to invest USD 1.2 billion in US IoT
2016-06-22 08:38:00| Telecompaper Headlines
(Telecompaper) Samsung announced plans to spend USD 1.2 billion over four years in developing its US-based Internet of Things (IoT) R&D and investments. Samsung Electronics Vice Chairman and CEO Oh-Hyun Kwon unveiled Samsung's vision for a 'Human-Centered IoT' at a Samsung-hosted forum in Washington, DC. The plans will be led by the Samsung Strategy and Innovation Center, Global Innovation Center and Samsung Research America, part of Samsung's US footprint of more than 15,000 employees across the country.
Dell in talks to sell software ops for USD 2 bln - report
2016-06-20 10:35:00| Telecompaper Headlines
(Telecompaper) Dell is in advanced talks to sell its software division for over USD 2 billion to Francisco Partners and Elliott Management, Reuters reported, citing sources familiar with the matter. Divesting the software assets will help Dell refocus its technology portfolio and bolster its balance sheet after it agreed in October to buy data storage company EMC for USD 67 billion. EMC also owns a controlling stake in VMware.
Tags: software
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Cavium to buy QLogic for USD 1 billion
2016-06-16 08:32:00| Telecompaper Headlines
(Telecompaper) Cavium has agreed to acquire QLogic for USD 1.36 billion. The agreed bid is worth USD 15.50 per share, comprised of USD 11.00 in cash and 0.098 of a share of Cavium stock for each share of QLogic. The gives QLogic an equity value of USD 1.36 billion, including the USD 355 million in cash it holds, and has been unanimously approved by the boards of directors of both companies. Cavium said the merger will create a "diversified pure-play infrastructure semiconductor leader", with QLogic bringing a leading portfolio of advanced connectivity and storage solutions alongside Cavium's range of networking, compute and security products. The companies will target the enterprise, cloud, data centre, storage, telco and networking markets and generate annual revenue of nearly USD 1 billion.
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