In a statement, Blackberry Ltd announced that it would be cancelling its scheduled quarterly earnings call. Its statement read, "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 would be still releasing its earnings report.
Three days prior to its earnings call, Fairfax Financial Holdings Limited had put up an offer to acquire the struggling mobile company for USD4.7 million. The offer would have Fairfax taking Blackberry private at a share price of USD9. Fairfax also had a 10% stake in Blackberry, and would absorb all shares outstanding should the deal go through.
Blackberry had earlier warned that the company would be reporting an almost USD1 billion loss and has plans to lay off 4,500 of its current workforce. The company attributed its struggle to the competitive smartphone market that had Samsung and iPhone battling for the top spot.
After enjoying a brief respite from a price beating, Blackberry's shares went down 6% in after hours trading that would be likely because of the cancelled earnings call.
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