Analysts won’t get to ask BlackBerry the hard questions about its plummeting business this Friday. The company cancelled its previously scheduled quarterly earnings call.
The company explained in a statement:
In light of the letter of intent agreement between BlackBerry and Fairfax Financial Holdings Limited that was signed and announced on Monday, September 23, BlackBerry has cancelled its second quarter earnings conference call and webcast that had previously been scheduled for Friday, September 27 at 8:00 a.m.
BlackBerry warned of a poor earnings release recently, stating that it would report losses of almost $1 billion and a layoff plan that would put 4,500 people out of work. The smartphone company has been struggling to keep up with its Android and iPhone counterparts and doesn’t seem to be winning.
It will still release the anticipated earnings report.
On Monday, only three days after BlackBerry released the loss figures, Fairfax Financial Holdings Limited offered to buyout the company for $4.7 billion. It offered $9 per share and plans to take the company private should the deal go through. Currently, Fairfax owns 10 percent of BlackBerry’s common stock and will absorb all the outstanding shares. The deal is still subject to Fairfax’s due diligence, and if that goes through, it’s further subject to regulatory approval.
Investors seemed to like that news as the shares that at the time were sitting down at $8.23 took a quick upswing toward $9. The stock is down over six percent in after hours, however, likely due to tonight’s news.
BBRY data by YCharts
A global leader in mobile communications, BlackBerry® revolutionized the mobile industry when it was introduced in 1999. Today, BlackBerry aims to inspire the success of our millions of customers around the world by continuously pushi... read more »
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