Blackberry has announced it is planning to cut 4,500 jobs, or 40% of its worldwide workforce, in an attempt to stop vast losses. The smart phone maker supposed it expected a loss of as much as $995m when it reports its second-quarter income next week. Shares in the firm closed down 17% after briefly being halted subsequent the announcement.
According to Blackberry's chief executive Thorstein, we are implementing the difficult, but necessary operational changes announced today to address our position in a growing and more competitive industry, and to drive the company toward profitability. Over the summer, word trickled out the business had hired a series of advisors to assist it explore options.