Are BlackBerry's 50 M Users Worth $2 Billion?

Surprisingly, BlackBerry found a buyer at $4.7 B. Fairfax Financial is taking it private. Considering BlackBerry's cash position around $2.5 B, Fairfax ended up paying roughly $2 B for the company. Valuing the business is exceedingly hard because of the current tailspin scenario: the sell-through volume of BlackBerry smartphones has gone from 10.4 M per quarter to 5.9 M per quarter in a year. That makes forecasting future trend lines basically impossible. Is this a comprehensive collapse that wi...