Last update: 12-Dec-2013 4:50 am
Thursday, December 12, 2013
Trinidad & Tobago Guardian Online
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BlackBerry to lay off 4,500 employees
TORONTO—BlackBerry says it will lay off 4,500 employees, or 40 per cent of its global workforce, as it reports a nearly $1 billion second-quarter loss in a surprise early release of earnings results. The stock dropped 19 per cent to $8.50 after reopening for trading. Shares had been halted pending the news. BlackBerry had been scheduled to release earnings next week.
But the Canadian company said late Friday afternoon it expects a loss of about $950 million to $995 million for the quarter, including a massive inventory charge due to increasing market competition. The BlackBerry, pioneered in 1999, was the dominant smartphone for on-the-go business people and other customers before Apple debuted the iPhone in 2007. Since then, BlackBerry Ltd has been hammered by competition from the iPhone as well as Android-based rivals like Samsung.
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