Yahoo Will Not Host an Earnings Call Next Week
Investors hoping to get answers from CEO Marissa Mayer and her management crew on Yahoo’s rocky deal with Verizon next week will have to wait.
The Internet giant cancelled its third-quarter earnings call and webcast due to its pending deal with Verizon, the company said in a Friday press release. It will still release financial results on Tuesday.
Verizon agreed to acquire the ailing company for $4.8 billion in July, but two months later, Yahoo revealed that at least 500 million of its accounts had been hacked in 2014.
Verizon acknowledged that it had been made aware of the hack just two days before the disclosure, but had limited information about the breach. Verizon then dodged most questions about the hack’s affect on the deal. Citing sources,the New York Post later reported that Verizon was pressing for a $1 billion discount on the deal. Then just, a day ago, Verizon said it had “reasonable basis” to believe the breach was enough to end the merger—but provided little else.
Verizon is “absolutely evaluating [the breach] and will make determinations about whether and how to move forward with the deal based on our evaluation of the materiality,” the company’s general counsel, Craig Silliman told reporters.
Verizon will host its own earnings call Thursday.