Business

Tuesday 2 September 2014

BlackBerry to shed 4,500 jobs worldwide

Published 20/09/2013 | 21:02

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The Blackberry

BlackBerry Ltd warned today that it expects to report a huge second-quarter operating loss next week and that it plans to cut more than a third of its workforce.

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The company, which has struggled to claw back market share from the likes of Apple Inc's iPhone, Samsung Electronics Co Ltd's Galaxy phones, said it expects to report a net operating loss of about $950 million to $995 million in the quarter ended August 31, due to writedowns and other factors.

It said it will cut about 4,500 employees.

The Waterloo, Ontario-based company said it expects that its adjusted net loss, before giving effect to the inventory and restructuring provisions, will be in a range of about $250 million to $265 million, or a loss of 47 cents to 51 cents per share.

BlackBerry said it expects to report revenue for the second quarter of about $1.6 billion, of which roughly 50 percent is expected to be revenue from its services unit.

Analysts, on average, had forecast a loss of 15 cents a share on revenue of $3.06 billion, according to Thomson Reuters I/B/E/S.

The company said it plans to refocus its efforts on the enterprise and high-end consumer markets, offering end-to-end solutions, including hardware, software and services.

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