In the News

(Update) RIM – Blackberry / To lay off 4,500 employees

Poor sales of BlackBerry (TSX:BB) smartphones have forced the company to take a massive writedown on the devices and slash 4,500 jobs across its operations.

The Waterloo, Ont.-based company delivered the dismal announcement late Friday afternoon, which sent its shares tumbling.

The stock closed down 16 per cent, or $1.74, to $9.08 on the Toronto Stock Exchange.

BlackBerry says it expects to post a loss of US$950 million to $995 million when it reports its second-quarter earnings next Friday.

Most of that will come from a massive writedown of up to $960 million mostly due to poor sales of its BlackBerry Z10 touchscreen smartphones.

It will also book a $72 million restructuring charge related to changes in its operations, which include previous layoffs.

The company says job cuts will help it halve its operating costs by June 1, 2014. Earlier this week, BlackBerry had dismissed reports of its plans to reduce its staff as rumours and speculation.

About 7,000 employees will remain at the company, it said.

Chosen excerpts by Job Market Monitor. Read the whole story at 

Canadian Business

via BlackBerry to cut 4,500 jobs, loses nearly $1 billion in Q2 – Canadian Business.

BlackBerry could lay off as many as 5,000 employees in the coming months in an effort to return the smartphone maker to profitability, according to a media report.

The Wall Street Journal says executives are preparing to reduce the company’s staff by as much as 40 per cent before the end of the year, citing people familiar with the matter.

BlackBerry declined to directly address the reported number of potential layoffs.

“Organizational moves will continue to occur to ensure we have the right people in the right roles to drive new opportunities in mobile computing,” spokeswoman Rebecca Freiburger said in an emailed statement.

Chosen excerpts by Job Market Monitor. Read the whole story at 

Star

via Blackberry preparing to lay off up to 40 per cent of staff: report | Toronto Star.

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