BlackBerry Ltd reported a huge quarterly loss on Friday, days after accepting its largest shareholder's tentative $4.7 billion bid to take it out of the public eye.
BlackBerry, which had warned of the loss, said its net loss for the second quarter was $965 million, or $1.84 a share, on sharply reduced revenue of $1.6 billion. The loss included a pretax non-cash charge against inventory and supply commitments of about $934 million.
BlackBerry shareholders will receive US$9 in cash per share, valuing the transaction at US$4.7-billion. If the deal meets a series of conditions, the consortium will acquire the outstanding shares of BlackBerry not controlled by Fairfax, while Fairfax intends to contribute its 10% stake into the transaction.