I can't help thinking that Openwave
The results had to be reported, though, and it wasn't pretty at all. Back out a $17 million restructuring charge, and turn a blind eye to the $54.8 million net losses at the held-for-sale Musiwave division (on $7.5 million in segment revenue -- who would buy this value destroyer?), and you're still looking at nearly $20 million of red ink from continuing operations.
Mobile browsers have become commodities rather than the luxury items Openwave needs them to be. Every major browser platform is available in a slimmed-down mobile version now, including offerings from Microsoft
Activist investment firm Harbinger Capital Partners seem to agree. The company has dropped its legal claims for Openwave board seats, liquidated its 9.6% ownership in the company, and moved on to greener pastures. Good move, too.
- Maybe Openwave should have made Rick Munarriz's 2007 sell list.
- This company is still a closed book.
Fool contributor Anders Bylund holds no position in any of the companies discussed here. You can check out Anders' holdings if you like, and Foolish disclosure will be there for you, like you want it to -- and you'll squeeze it tight, baby, all through the night.