Pfizer Inc. (NYSE:PFE), the largest pharmaceutical company worldwide advised its employees who are currently using BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) smartphones to pick up an iPhone or any device powered by the Android operating system once their wireless contract expires or allows them to get an upgrade.
Pfizer memo recommends move to iOS or Android
The management of the pharmaceutical company expressed concerns that the Canadian smartphone manufacturer might no longer be able to continue providing its service in the future given its current “volatile” situation.
Every month and quarter, multiple reports on average hedge fund returns are released from several sources. However, it can be difficult to sift through the many returns to uncover the most consistent hedge funds. The good news is that Eric Uhlfelder recently released his "2022 Survey of the Top 50 Hedge Funds," which ranks the Read More
In a memo sent to its employees, Pfizer Inc. (NYSE:PFE) wrote, “In response to declining sales, the company is in a volatile state. We recommend that BlackBerry clients use their BlackBerry devices and plan to migrate to a new device at normal contract expiration.” The company also noted the fact that BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) tried to sell itself and market share is declining.
In August, the Canadian smartphone manufacturer decided to explore strategic alternatives such as a sale or taking the company private, or entering partnerships to “enhance value and increase scale in order to accelerate BlackBerry 10 deployment.” A group of investors led by Prem Watsa’s Fairfax Financial Holdings Ltd (TSE:FFH) offered to acquire BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) for $4.7 billion, however the deal did not materialize. Instead, BlackBerry received $1 billion in investments from its shareholders including Fairfax Financial, which agreed to purchase $250 million worth of convertible dentures.
BlackBerry appointed John Chen as its new CEO
BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) also appointed John Chen as its new CEO and executive chairman, and Prem Watsa as lead director and chair of compensation, nomination & governance committee of the board of the smartphone manufacturer.
Chen recently issued a short message to the customers of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) expressing its commitment to reclaim the success of the company and to deliver high-quality products and services. He also assured customers that the company is financially stable.
“We also want our customers to know that BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) has significant financial strength for the long-haul. I am confident that we will rebuild BlackBerry for the benefit of all of our constituencies,” said Chen.
The move of the management of Pfizer Inc. (NYSE:PFE) to ditch BlackBerry and migrate to other devices is a clear demonstration that it is not convinced with the positive outlook of Chen about the future of the Canadian smartphone manufacturer.