 "BlackBerry to layoff 4500 employees globally")
Struggling smartphone maker BlackBerry plans to could cut its workforce by up to 40% by the end of the year. This means over 4500 employees are likely to be laid off.
The struggling phone maker who at one point led the smartphone market has warned that it may report a net operating loss of over $950 mn for the quarter ended August 31. This will be on account of major writedowns among other factors.
The stock tanked, closing down 17% at $8.72 and had plunged as low as $8.01 when the stock had reopened for trading after a initial halt.
The Canadian company plans to make the cuts through layoffs that will occur in all of its departments, potentially affecting several thousand people.
The struggling phone maker who at one point led the smartphone market has warned that it may report a net operating loss of over $950 mn for the quarter ended August 31. This will be on account of major writedowns among other factors.
The stock tanked, closing down 17% at $8.72 and had plunged as low as $8.01 when the stock had reopened for trading after a initial halt.
The Canadian company plans to make the cuts through layoffs that will occur in all of its departments, potentially affecting several thousand people.
"As previously stated, we are in the second phase of our transformation plan. Organisational moves will continue to occur to ensure we have the right people in the right roles to drive new opportunities in mobile computing," BlackBerry said.
The massive layoffs and losses comes as BlackBerry continues to lose money amid tough competition from Apple Inc.'s iPhone and phones running Android, such as Samsung's Galaxy. The company's board is looking at strategic alternatives, including a possible sale of the company.
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Waterloo, Ontario-based BlackBerry had 12,700 employees the last time it reported an employment figure in March.