TORONTO (AP) BlackBerry says it will lay off 4,500 employees, or 40 percent 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 percent 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.
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.