Blackberry to cut 4,500 jobs to staunch huge losses

Blackberry has announced that it will cut 4,5000 jobs to staunch huge losses. The job cuts will bring down Blackberry’s worldwide workforce by 40%. The smartphone maker has estimated that its loss could reach US$ 995 million for the second quarter. Blackberry’s shares have fallen by 17% since the announcement.

In August, the company had announced that it was evaluating a possible sale. Blackberry plans to refocus on offering its end-to-end solution of hardware, software and services for enterprises. The company has attributed its losses to disappointing sales of its new Z10 model smartphone.

The Z10 model was released in January after many delays and has failed to attract customers. The company managed to ship only 2.7 million Z10 phones out of 6.8 million that was produced. Tech analysts believe that Blackberry’s patents could be attractive to potential buyers.

image source: AP

news source: AP

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