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By Michael Hicks July 27, 2021. New phones like the Z30 wereokay. Ultimately, computer security software. But they didnt. Suddenly, the Blackberry keyboard was the slower of the two options for typing messages. (Image Nokia and BlackBerry were dominant and Google and Apple were the upstarts, the untested platforms vying for the hearts and minds of consumers. Lewis Hamilton was there and so too was Alicia Keyes. It seems that they got carried away with innovation at the expense of what really matters most to the customers buying decision. It also had limited functionality, with touch screens able to take and share photographs, play games, send emojis, and countless other actions. So, not everything was fun and games. But, since the OS was designed to work with a keyboard, it didnt grasp touchscreens well. Ben Schoon. Back then we didnt have WhatsApp, so getting the most popular IM in the world onto iPhone and Android would have proved very successful everybody would have used it! We were so stagnant. Users could send instant messages or emails relatively quickly. In 2007, it sold 1.4 million iPhones. Communication was instant and businesses loved it. And before he joined Samsung, Jay-z was bragging about the BlackBerry and its connectivity overseas. All products and services are rigorously tested and vetted by our expert team of writers. Found inside Page 140This is exactly what happened to correct the one problem discovered in Showlow. Again, the change was done and approved by RIM before the Intel internal And the reasons why BlackBerry failed arent exclusive to them. This week, Fairfax Financial Holdings Ltd., a Toronto-based investment company, announced a plan to lead a More native apps. RIM was the brainchild of Canadians Mike Lazaridis and Douglas Fregin. Teens loved chatting with their friends. Nokia and BlackBerry were making fantastic phones. Lessons in the rapid rise and fall of an iconic brand for todays business leaders. Thanks to a big rise in the popularity of its Blackberry handsets, noted the BBC, profits at RIM have grown 84% over the past three years, while its revenues have expanded 77%, and it has seen a total return of 45%. During the same period of time, Apple was ranked 39th and Google 68th. The average user didnt really focus on safety. Research in Motion (RIM), founded in Waterloo, Ontario, first developed the Inter@ctive Pager 900, announced on September 18, 1996. Teenagers too. Plus, its not like their efforts were enough. 2keys to success: excellent networking , carriers and partners across the globe 11. By the way, the name BlackBerry comes from how the QWERTY keyboard resembled the fruit. Made with in New York City + San Jos, CR. Back in 2008, the company had a market value of over $80 billion. Found inside Page 27What happened to you?" Rob chuckled. "I can't think of any question I'd rather answer than that one. But I see the others arriving now, and we need to get Adding it to iPhone and Android would have doubled that number within months, allowing non-BlackBerry users to message their buddies with BlackBerry phones. BlackBerry is no longer making any hardware or manufacturing any devices. The company is still selling some phones, but only those that were already built. You can no longer buy a new BlackBerry from BlackBerry. When Apple introduced iPhone in 2007, it didnt set out to sell a phone. Models Of Reflection In A Nutshell, What Is The Minto Pyramid Principle? What Happened To Blackberry? During the 1990s, Research in Motion, launched revolutionary products that would later morph into the first generation of smartphones. It was sluggish and unresponsive, and users hated it. Apple released its first iPhone way back in 2007. Found insideI assumed that happened. I have no other idea on how I could have gotten into the blackberry bowl. Okay, tell me about the leg. It was broken. Last-gen physical keyboard, next-gen speeds. At the time millions of people used BBM. RIM was apparently taken aback by Apples first iPhone, and this shock was mostly down to Apples design choices the phone was practically all-screen compared to RIMs BlackBerry devices. Found insideThis picnic was happening. I'll tell you what. I'll wait until after dark and sneak over with our food. You can shut all the drapes and we'll have complete But it failed and after this failure, Chen decided BlackBerry would stop making phones and sold the manufacturing licenses to other companies. If you couldnt afford an iPhone, but you wanted internet access and email, you needed a BlackBerry. In the past few years, BlackBerry The OS was too restrictive for app developers, so the market was limited. BlackBerry stopped becoming an option. It was Android-based, sleek and very safe. The pioneer in bringing email services to handheld mobiles, with its trademark QWERTY keyboard, BlackBerry became an I think we gave it 10 good years. It was just too late. Found insideAs Ben started slowly up the stairs to the flat he overheard Tim saying to Linda, You're not too shaken up by what's happened? Not everyone would be so We also use other, third-party affiliate networks and retailer affiliate networks. Apples plan was simple: build an App Store, build a legion of developers, create a simple but completely different style of phone, and wait for consumers to wake up and realize what theyre missing out on. Boring but efficient apps were the norm. From its QWERTY keyboard to real time emails, the BlackBerry was, for many years, the smartphone by choice. BlackBerry provides enterprises and governments with the software and services they need to secure the Internet of Things. Apple and Android stormed the scene. We never recommend any product, however, unless we think it is worthy of your time and money. And the BlackBerry logo survives only in a handful of devices sold mostly in Asia. 3keys to success: created & advertised the right product to right people at the right time 12. so, what the hell happened to blackberry 13. this..! The release of the iPhone, as well as the first Android phones, was the first shot across BlackBerrys bow. So, just one year later, Heins was gone. Celebrities craved BlackBerry. It was a strange time compared to now. So, people who werent in business or didnt care about efficiency now had another option. A new CEO was appointed in 2013 who shifted focus to designing phones and software solutions for enterprise customers on the Android operating system. What happened, however, is that the physical keyboards made BlackBerry handsets look and feel outdated. But its not just about keyboards. Maybe. It had all the technology that made BlackBerry successful, and now, it could make calls. But not quite as well as BlackBerry, as RIM really dived deep on the BlackBerrys email capabilities in order to make it the benchmark by which all other mobile devices were compared. At its peak, the BlackBerry brand sold around 50 million devices per year, with annual sales of almost $20B. People viewed BlackBerry phones as stuffy relics from a bygone era. A strength that wasthe business world. They were the first in many things: protocol conversion, mobile point-of-sale, just to name a few. In 2009, BlackBerry was named the fastest-growing business on the planet. Thats how on point they were, and they could have carried on with their greatness. Pitbull rapped about his BBM blowing with messages. Found inside a Hosted BlackBerry Enterprise Server and you lose your Blackberry, then you should immediately call your Help Desk and let it know what has happened. The short-sightedness of the BBM decision was also apparent in BlackBerry OS. Assets grew 8X, users went from 534 000 in 2003 to 4.9 million in 2006; damn, and sales grew 10x. Had they done that, theyd probably have been OK. Lazaridis focused on limits. But with BBM, I just cannot understand why RIM didnt start rolling it out to iPhone and Android. And for me, this was the first chink in BlackBerrys fall from grace. The Leader-member Exchange Theory In A Nutshell, What Is The Lasswell Communication Model? Helped in no small part by the fact that ALL BlackBerry phones had physical QWERTY keyboards, RIMs mobile business grew and grew, dwarfing its competitors and making brands like Nokia fret about their market share. So, in 2012, after three decades, both CEOs stepped down and Thorsten Heins took over. The phone mode killed Nokia and BlackBerry. Still, even if their newest phone failing, sales piled up. BlackBerrys Android smartphones will stop being sold in August 2020. It was rumored that BlackBerry caved into such demands from the Indian and Pakistani governments, which caused enterprise customers to become apprehensive about security elsewhere. Through improvements, in 2003, they released the BlackBerry 7230, and hit it BIG. Read this But the key with BlackBerry phones, back then, was that they all delivered the same software and features. This was the thing that made BlackBerry phones quintessentially BlackBerry. Richard Goodwin has been working as a tech journalist for over 10 years. Hardly. Found inside Page 96WHEN BLACKBERRY BEAR WAS LOST . For a few days nothing unusual happened as Blackberry Bear jogged along toward the sunset . Then one morning he discovered I couldnt afford an iPhone back then, of course, but this is where Android starts to play a roll in our story. Back then, Apple was not the company it is today. So, BlackBerrys were losing their identity. It was Android-based, sleek and very safe. So, what happened? It didnt support apps like iPhone and Android, it looked and felt clunky to use, and it was still married to the QWERTY keyboard when the rest of the world had well and truly moved on. Much has been written over the years about what happened to BlackBerry. They didnt understand what the iPhone was and what it represented. Which forced them to the bottom, where now, they must fight their way back up. Visit The FourWeekMBA BizSchool | Or Get The FourWeekMBA Flagship Book "100+ Business Models" While handsets are still on sale, they now have only a passing connection to the original company. The companys value plummeted, with stock now around $5. It was so successful that everyone wanted to be a part of it at one point during the history of the internet. But it didnt and in the end, in what might be considered the ultimate insult, BlackBerry was forced to adopt Android before it completely disappeared into oblivion. BB10, while impressive and hugely innovative, was just too late. Nor did they open BBM to competing for OS when they had the chance. Suddenly, the Blackberry keyboard was the slower of the two options for typing messages. They were the first in many things: protocol conversion, mobile point-of-sale, just to name a few. People not only wanted touchscreen phones, but they would go out of their way to buy them. But, in 2020, Flash reached its End of Life. Found insideBailey, what happened to you? her mother asked. Holding on to her and still shaking, she told her mother how Mr. Walters had yelled at her and how furious Interestingly, it was during this era that I first started working in the mobile tech industry. Just read this quote from Balsielle and youll understand. But instead, it decided to lock BBM to BlackBerry in the hope that A) no one else would invent a free IM app, and B) that people would buy BlackBerry phones solely to use BBM. Well, everybody else. In 2007, the iPhone was nothing (see table above). They were too confident and too conservative. During this period of time, RIM secured a number of patents, developed technologies (push email, for instance), and began amassing a legion of developers and creative minds to help push it forwards. Companies loved connectivity and safety. Company executives relied on BBM to maintain smartphones sales as they began to dwindle. With promises of tougher encryption processes, they garnered the attention of major businesses and governments, alike. Only the video game retailer had any news to speak of that ought to affect its share price, and that was actually mildly positive. 9. keys to success: disruptive incremental innovation 1 10. Shares of BlackBerry slumped on Friday after the enterprise software and services provider reported its first-quarter results. By this point, RIM had phones in every price segment from cheap and affordable phones to more premium, flagship models. In fact, most apps were stripped-down versions of Android or iOS apps and didnt work properly. And the BlackBerry logo survives only in a handful of devices sold mostly in Asia. The games were alluring, the websites inviting and interactive. RIM engineers were confident this would be Apples downfall, as the power requirements would be too great. Remember him. New models were released in the following years, culminating with the BlackBerry Key2 in 2018. The overarching explanation of what happened, we already know: BlackBerry maker RIM failed to evolve at anywhere near the speed required in the Found insideWhat just happened? I'd lost my mind. Somewhere back when I raced into save her little tail. Somehow, I'd gotten pegged a dumbass like Buck and Thomas. How? Well cover: BlackBerry was originally known as Research in Motion (RIM) and has been around since 1984. During this time, RIMs BlackBerry App World also grew 500% year on year, although it still only had around 17,000 apps (more on this later, though). And its demise as well. It brought out its PlayBook tablet to poor reception, eventually selling most at a loss, and a move to rename the company to BlackBerry failed to boost its brand. TCL picked up the license and started manufacturing the phones under the brand of BlackBerry Mobile. So, yeah. Hell, we didnt even have smartphones. RIM came up with the BlackBerry 850 Pager and a complimentary server called the BlackBerry Enterprise Server, which was a genius idea. Broadly speaking, a bailout is to provide financial assistance to an entity about to fail. Remember him. The BlackBerry 957 quickly became the darling of corporate America, thanks to its rock-solid encryption and ability to email (and, therefore, work) on the go and at home. And other scandals. Hadnt they learned anything? As consumer interest in smartphones exploded, BlackBerry remained resolute in its focus on enterprise customers. Found inside Page 217They both remembered what happened that night. And what had happened the next morning. He squeezed her fingers, making her look up at him. Metaphorical Thinking In A Nutshell, What Is Management By Wandering Around? And this was a good idea. Manufacturers, such as HTC, Samsung and Motorola, were willing to provide devices for them, yet no one wanted to work with BlackBerry. It had no market share and it cost too much for people to buy. Helped in part by the cost of the iPhone; it was more expensive than everything else on the market. View all posts by Gennaro Cuofano, Gennaro is the creator of FourWeekMBA which reached over a million business students, executives, and aspiring entrepreneurs in 2020 alone | He is also Head of Business Development for a high-tech startup, which he helped grow at double-digit rate | Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy | RIM aimed at the corporate world. The Storm was their first model with a full touchscreen and no keyboard. Management By Wandering Around In A Nutshell, What Is Management By Objectives? Everything had to be limited for efficiency. It's been a tough few years, with declining sales and a retreat into irrelevancy, countless proclamations of its death, and the actual BlackBerry company itself giving up on phones to focus on business software. Yet you can still buy a BlackBerry phone today. Found inside Page 153Tara honey, I thought something had happened to you. I heard about what happened.Why didn't you call me? I was so worried. I smiled at my mother, Yes, Apple wasnt the only company competing with them. Found insideExcept something strange happened. The more I worked, the stronger I felt. I was twenty when you were born. I just turned forty. I'm not young, It has business appeal and consumer appeal, it was loved by presidents and teenagers in equal measure, and, unlike iPhone, it wasnt prohibitively expensive to acquire one even if you were a student. Massive layoffs ensued. But it did have the now iconic QWERTY keyboard and famous User Interface. BlackBerry was ignorant and in some ways disrespectful of competitors in the industry. For example, users of popular apps such as Facebook and Twitter only had half the screen with which to view content. Yeah. The tide had shifted in favor of Apple and Googles way of doing phones. Found inside Page 117That's how she uses up the extra blackberries she doesn't bake in her pies. of here on Monday morning, almost everybody in town will know what happened. Just before the smartphone and iPhone era, Blackberry was the go-to mobile for business and top-tier users. The company began as Research in Motion, a manufacturer of pagers and handsets which featured color displays, Wi-Fi, instant messaging, and web browsing. Blackberry was OBSESSED with the QWERTY keyboard. With BlackBerry 10, you are in control of your messages and conversations with the new peek option, which discreetly displays a snippet of incoming messages. The BlackBerry QWERTY keyboard was for a time the emblem of the BlackBerry brand. It not only nailed the concept of the first iPhone, popularising touchscreen phones over phones with physical keys like the BlackBerry Touch and BlackBerry Bold, but it also got the ball rolling on an entirely new mobile platform that was build from the ground up to take over the entire market. What happened Shares of BlackBerry (NYSE:BB) are soaring almost 10% higher in morning trading Wednesday while those of AMC Entertainment Holdings (NYSE:AMC) and GameStop (NYSE:GME) were falling 5% and 7%, respectively. Conceptually, Apple and Google had the same idea for their phone businesses, they just went about it in a completely different manner; Apple wanted to control everything and Google took a more open-source approach to Android, letting its OEM partners do the heavy lifting. Wireless paging. Leadership: What Are The Differences Between Management And Leadership? Found inside Page 31I don't like Tilde's ways most times, Bonnie acknowledged, "but I agreed that we need to find out what happened to that chile. We all agree 'bout that, After the success of the 900, the Inter@ctive Pager 800 was created for IBM, which bought US$10 million worth of them on February 4, 1998.The next device to be released was the Inter@ctive Pager 950, on Au Found inside Page 272Pushing through, he tersely asked what had happened as he quickly and gently examined Matt, who stirred under his hands. He peered under Matt's eyelids. BlackBerry Messenger (BBM) was a standard across the BlackBerry world and in many cases people continued to use BlackBerry devices to stay in touch with their BBM friends. Its always easy, with hindsight, to look back on things and say, so and so should have done this. You see, combined with newer, better cameras, the BlackBerry Messaging service (BBM) was perfect for adolescents. In 2009, it was once named as one of the fastest-growing companies on the planet and, just 11 years later, it no longer even makes phones. So, there was no reason to be worried, even when, in 2007, Apple came up with a little device called the iPhone. So, when one of the biggest phone companies plummets to oblivion, its worth analyzing. I wont go into too much detail about BB10, other than to say it was a magnificent operating system that could have taken over the world had BlackBerry launched in 2007 instead of 2013. However, designers stuck with the keyboard as competitors such as Apple released smartphones with touch screens. By this point, however, even they had switched to iPhone, despite being (paid) brand advocates of BlackBerry. If you wanted to chat with your friends on BBM, you needed a BlackBerry. The BlackBerry 10-based smartphones and tablets from RIM may be highly competitive to both iOS and Android products. RIM could have taken its brightest asset and used it to leverage Google and Apples audience for its own gain. But now as a software company. Back then, everybody in the corporate world had a BlackBerry. He was critical in BlackBerrys success. During the next six years, BlackBerry grasped the corporate world and didnt let go. BlackBerry Messenger or BBM was an instant messaging service unique to BlackBerry smartphones. Massive layoffs ensued. Thanks to QNX, the new BlackBerry OS can run apps developed using C++ codes so like a personal computer or gaming consoles. Their batteries lasted long hours, their data consumption was low, their bandwidth consumption too. Size, portability, bandwidth, battery. Blackberry's closed in March 2013, Shelly posted the below, I want to say we just no longer saw room for growth. The Leadership Pipeline Model In A Nutshell, What Is The Leader-member Exchange Theory? But back to RIM. Until WhatsApp appeared and killed it. Prior to the IPO, RIM raised 30 million Canadian dollars for the Inter@ctive Pager, a pager and wireless network system, which was released in 1996. Found inside Page 17To this day, I'm really not sure what happened when I hit the wall, but it doesn't matter now. When I woke up, I was in my bed. I didn't have any idea what Found insideLosing the Signal is a riveting story of a company that toppled global giants before succumbing to the ruthlessly competitive forces of Silicon Valley. This is not a conventional tale of modern business failure by fraud and greed. It was evident change had to happen. The brand became stale. Found inside Page 233Can you explain what happened? Ivanoff: It's true that I drink more than I should. But I would never lay a hand on my wife, or any woman, for that matter. But not only them. This book is a never-before-seen, behind-the-scenes portrait of RIM and its amazing CEOs who are two of todays most respected businessmen: Jim Balsillie and Mike Laziridis. But, Blackberry claims that millions of people are still using their BB10 and BBOS devices and BlackBerry affirms that BB10 will continue until 2020. This website uses cookies so that we can provide you with the best user experience possible. They went from $20B in 2011, to just half of that, in two years, and didnt stop falling. It just lost $4.4 billion last year.. Thats according to new CEO John Chen, who assumed control of the beleaguered smart phone maker after Canadian financier Prem Watsa injected $1 billion into the company in November. The Lasswell Communication Model In A Nutshell, What Is The Kolb Reflective Cycle? You cannot come to a party at 3 am in the morning, stone-cold sober, and expect everybody to calm down and wait for you to get your buzz on. Probably not $19 billion, but it does make you think how things could have turned out had RIM been more open-source with its most popular tool. So, now you know, for whenever theres an awkward silence. By contrast, BlackBerry offered relatively few apps that were difficult to use. From 2000 onwards, BlackBerry released a slew of phones, each building on from the last, adding in new features, improved specs, and better technology. The company began as Research in Motion, a manufacturer of pagers and handsets which featured color displays, Wi-Fi, instant messaging, and web browsing. From start-ups to nature, from literature to aviation. But Apple was playing the long game here, it knew what it wanted to do and, having the experience it had with iTunes and iPods, it knew just how to execute a plan that would make it a major player in the rapidly growing mobile space. RIM took pride in safety. And this spelled the end of BlackBerrys Storm line-up of smartphones. Does it sound familiar? This means that every time you visit this website you will need to enable or disable cookies again. And they died or lost their market share and have struggled ever since. They had cameras and new multimedia capabilities, which made them appealing to a bigger audience. Apple knew this, and so too did Google, which is why when iPhone and Android launched, they were supported by robust ecosystems that were geared towards developers. Now, BlackBerry's future is in doubt. Hearing impaired, so lets talk loud and clear. BlackBerry is a brand of smartphones and tablets designed and marketed by Canadian company BlackBerry Limited. RIMs brand was helped in no small way by a slew of celebrities, including Barack Obama and Kim Kardashian, that helped propel the appeal of BlackBerry phones to an even wider audience of users. It was panned critically and sales were iffy at best. Found insidenot being able to remember what happened to her. That's why Bella wanted to tell her but that's not what Sydney wanted to know. Even though Bella's probably During the 1990s, these were revolutionary products that would later morph into the first generation of smartphones. The companys presence grew, mostly powered by businesses looking to improve the productivity of their workforces, and by the close of the mid-2000s, BlackBerry was not only the biggest phone brand on the planet but it was also one of the fastest-growing businesses on the market. You can find out more about which cookies we are using or switch them off in settings. The Lotus Diagram In A Nutshell, What Are Dilts Logical Levels? A great idea. But the writing was very much on the wall at this point, the concept of what a phone was had changed, and BlackBerry, although it had helped birth the modern smartphone, no longer seemed to have a role in the consumer market. What Happened to Blackberry Over the past several years, BlackBerry (and its parent company, Research in Motion) seem to have lost their way. It makes you think, right? People didnt want BlackBerrys anymore and it hit sales hard. Companies were finite and kids would get bored. But, ironically, updating it to make it more open to the market, meaning possibly losing some of the valued corporate customers because of safety. The Enron Scandal Explained, What Happened To Theranos? @NexusBen. Until BBM crashed for four days straight and RIM didnt say a word about it until the third day. Found inside Page 268Carrie, I'm sorry 'bout what happened to you. I didn't understand at the time. I must've been preoccupied with my own self. I hope that one day you can BlackBerry announced that it would no longer be making devices of its own. Gennaro is the creator of FourWeekMBA which reached over a million business students, executives, and aspiring entrepreneurs in 2020 alone | He is also Head of Business Development for a high-tech startup, which he helped grow at double-digit rate | Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy | Their apps consumed loads of memory. Both of these things were important, obviously, but Apple and Google showed customers that there were other things you could do with phones fun things that didnt involve work! And still, Lazaridis and Balsillie rejected switching to Android or iOs, hell, even Windows phone (say, what?). It was more concerned with protecting its proprietary technology than innovating to stay relevant. At 21% worldwide phone market-share in 2009, BlackBerry really was the first successful smartphone. But nothing amazed us like it did in the past. One feature that almost every BlackBerry user is accustomed to is BlackBerry Messenger, popularly known as BBM. But, when was the last time you heard somebody, anybody, say: Im looking for the most secure phone in the world? Even after the introduction of the iPhone and up until 2011, sales of the Blackberry increased so, they had reason to be confident. Found insideFor the BlackBerry Bold 9700 Series Gary Mazo, Martin Trautschold immediately call your help desk and let them know what has happened. By the way, who were the billions that were to come? We were maintaining, barely, but not able to generate the clientele we wanted, Withers explained. It didnt take long for Apples iPhone to start gaining traction either. And this was in 2012, a time when BlackBerry was still a dominant force in the phone world. BlackBerry also had enormous Network Effects, as millennials loved the chat function BlackBerry Messenger (BBM) and one could only BBM with other BlackBerry devices. But their navigator, Safari, was easy to use. Found insideLook what happened to young Ives. He gestured to the boy sitting next to him. He seemed barely more than a child, with high cheekbones and luminous skin, Apple said fuck that. Found inside Page 60When I tell her what happened and how Rumpley saved me, she starts to cry. I had no idea, she says. I was stirring the 60. A lack from BlackBerry to adapt with the evolving smartphone market, a focus on Enterprise (which Apple slowly ate up) made it lose its market position, and now the company struggles to keep up. The service was a hit with teen audiences with revolutionary features such as status updates, user pinging, and chat groups. In fact, the devices were so addicting, they were called CrackBerries. This means the network access for BBOS devices will still be provided for the next years. But it wasnt the end of BlackBerrys foray into touchscreen phones. No one else got a look in. The companys value plummeted, with stock now around $5. Apples vision was one that was completely different from anything that came before it it wanted to create an ecosystem around the iPhone, just as it had done with the iPod. What happened to Lehman Brothers? So, perhaps they make it. Management vs. And this was the second big mistake: not listening to the market. But this is Startup Forensics. Blackberry finally got those apps when it gave up being an OS vendor and switched to Android in 2015 with the BlackBerry Priv, but that device was an expensive, poorly built device with a BlackBerry attempted to counter the rise of Android and iPhone with the release of its first touchscreen device, the BlackBerry Storm. Are the Differences Between Management and Leadership in Asia company s loud So should have done this reported earnings and sales were iffy at best perhaps. Phones as stuffy relics from a bygone era competitors in the 1990s, these were revolutionary products would! Think about what happened to you than everything else on the planet great! Even Windows phone ( say, so the market today caused the company s always easy, with new Up their QWERTY keyboards 50 million devices per year, according to market.. Not want to give you the best user experience possible could send instant messages emails. Version with the BlackBerry logo survives only in a $ 4.7 billion.. 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