BlackBerry stopped designing smartphones in 2016 after struggling to keep pace with competition from Apple Inc. and Samsung Electronics Co. It’s been trying to reinvent itself as a provider of software for Internet-of-Things products and other so-called “embedded devices.”. But that growth was due to the contribution of the endpoint protection specialist Cylance, which BlackBerry acquired last year for $1.4 billion.
Free 3-month trial with Apple Music discount, No-Ads $11.99/mo. The company’s software resides on these devices and is designed to work even when they’re not connected to a network and without consuming much power. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Based on the last 12 months, the enterprise-value-to-sales ratio of 1.6 looks low, especially when compared with the lofty valuations of some high-growth cloud-based cybersecurity stocks such as CrowdStrike. Granted, the coronavirus hurt the company's Internet of Things (IoT) segment, which generated $127 million in revenue, down from $144 million the prior year.
Cylance has been described as “the first company to apply artificial intelligence, algorithms, and machine learning to cyber security.”. Yet that performance remains disappointing. Cylance said in June that its annual revenue in 2018 was about $130 million and was growing at close to 90 percent.
In contrast, CrowdStrike's existing customers spent 24% more than a year ago.
Because of the coronavirus pandemic, many auto vendors have reduced their production, which will remain a strong headwind for QNX as long as the slowdown persists.
But during the earnings call, CEO John Chen said "revenue was up slightly year over year against a reasonably tough comp." ($ Million) Growth Rate (%) # Employees; 2019: Details in Premium Report: 2018: 2017: 2016: 2015: 2014: 1-Year Growth Rate: 3-Year Growth Rate (CAGR): Note: Cylance's revenues are gauged from an analysis of company filings.
That disappointing performance is partly due to BlackBerry's QNX, a set of software solutions that allows auto vendors and other industries to create secure embedded systems.
Purchase will enhance software offerings, BlackBerry says, Cylance known for using AI to protect mobile devices. The research company Mordor Intelligence forecasts the endpoint security market to grow 8% annually by 2025, which seems way above the weak revenue growth BlackBerry's management indicated. But investors should look beyond these apparently encouraging headline numbers. This was an 177% increase year-over-year, pegging its 2016 revenue at about $36 million.
Equipped with its 15-year experience as a former IT engineer, Herve covers the tech sector. It will still have a comfortable safety net of $385 million of cash, cash equivalents, and investments, assuming it pays down its debt this year, as management discussed during the earnings call. Cylance's main competitors include GoSecure, SparkCognition, Absolute Software, CrowdStrike, Carbon Black, Sophos and FireEye. Investor Activity Cylance has actively raised capital from investors.
Cylance said in June that its annual revenue in 2018 was about $130 million and was growing at close to 90 percent. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.
Compare Cylance to its competitors by revenue, employee growth and … Hulu plan + free trial month, Trump Says Election Could End Up in Supreme Court, What Does a Second Coronavirus Lockdown Look Like? The Californian company has received about $300 million in venture capital funding from investors including Khosla Ventures and Insight Venture Partners.
Returns as of 09/25/2020. “Cylance’s leadership in artificial intelligence and cybersecurity will immediately compliment our entire portfolio,” John Chen, BlackBerry’s chief executive officer, said in a statement. Before it's here, it's on the Bloomberg Terminal.
But management expects the damage of the coronavirus on the company's IoT business in the automotive industry to prevail. Let's conquer your financial goals together...faster. The performance of Cylance doesn't look more exciting. The purchase is BlackBerry’s largest acquisition in seven years, according to data compiled by Bloomberg. The performance of Cylance doesn't look more exciting.
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