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Loss in the second quarter but.
Results press what Wall Street was expecting in the -- is soaring.
On the news our next guest says now is not the time to -- -- -- would excite and hot.
Activist shareholder -- -- Bellini is the chairman and CEO jaguar financial -- Thank you so much for joining us you know let's start out with the basics a lot of exuberance over those results yesterday -- you say don't get crazy.
Absolutely I mean there's a lot to be done here this is just a first step they now can.
Step up the -- a little bit and see some daylight in terms the emergence of the BB ten platform.
But the bottom line is there's a lot -- cash was up 409 -- 2.2 to 2.3 billion.
That's all very good but.
They haven't spent anything on inventory and that inventory build.
If they're looking at fifteen million units.
At 250 per you're talking about three point 75 billion so they're gonna start to get into the working capital cycle they've also got.
To pay another 260 million in severance only pay 939 in this quarter.
So there's you know they're not out of the woods yet and there's a lot to be done off by a lot of China as the company -- the company has no no product.
Companies losing money.
Let's drill down on some of the details there -- there was a lot in that.
One of the biggest concerns as you said was the cash position on the cash they had on hand and if they were burning through because they -- After all making a profit right now.
They've 2.3 billion that was good you're talking about controlling costs writers was reporting that -- -- lot lay off as many as 6500 people that's a step in the right direction right.
-- absolutely I mean this is really been a massive operational restructuring.
Huge downsizing have been selling a lot of manufacturing plants which makes lot of sense they've had four million square feet of all wounded real estate which they're downsizing.
And as you know they've had over 20000 employees.
And initially it was 5000 could be 6500 could even be more.
They certainly have to downsize to become a much leaner organization with not as many.
Alternative handsets they've got to reduce the number you know they have to have to have a high entry.
And ultimately a low entry phone yeah and get really really focused and streamlined.
I was really interesting that the Canadian finance minister spoke out on written saying that you know as an important comedian company.
Hoping that it's going to succeed -- restructuring I mean can you imagine.
In the finance and anyone you know the Treasury Secretary or something here in the US talking about one specific company that was two things right.
Well you know I will say that the prime minister is had musings about the fact that perhaps.
We've become a little xenophobic and we don't wanna non resident acquirer of friend.
And -- was quickly dismissed frankly by the finance ministers subsequent to Stephen -- speaking out so.
That's why they're in the -- the bottom line is that.
If the company is testing survival there's no question that Microsoft can jump in and by the enterprise business token IBM.
I -- we're not gonna stand in the way as a country.
Towards trying to save what what is still the greatest through the biggest technology companies.
The barrier to that happening because obviously you know -- and I say this all the time this company is hemorrhaging you've seen the stock dropped 9495%.
Whatever it is from its all time high at the same time.
The device is still ubiquitous in the business setting -- mean I understand.
Or regular people out there industry you see that with iphones but people who work who have -- still have a Blackberry.
To -- email with each other so there's still a huge value there how do you think this company and -- back.
Well that is the key you've hit the nail on the -- the core competency that company.
Really aren't dinosaurs like myself for not psychologically cool and savvy -- mean.
We're very focused on email memo pads the calendar a phone -- and what we're dying to have is.
Better and faster download attachments and also access to the web which out out this phone does not have so you correct those two things are going to be lot of dinosaurs like myself would be very very happy.
But you know going into your earlier question how do you.
Unlock that value value even better in what gets in the way of doing so it's the board unfortunately we -- clubby trauma war -- board.
And I think the board is very weak the chair is weak she is not a driver's you have to drive this and then hand strategic.
Review process you have to have a back up plan if the BB ten phones.
Don't become a shoot the lights out scenario that shoot the lights out.
Everybody's happy stock goes to maybe even 1520.
Dollars if it's not if it's -- com.
Or it's a disaster in either of those two cases of course rim is a disaster in the stock goes way down.
It's going to be so interesting to see where this goes from here I mean I think for decades this will be a business school case study when you see -- company -- was so dominate.
That lost so much ground and now we'll see what happens -- thank you so much for coming on we always appreciate your insight.