Bad news from Blackberry: 4,500 jobs to be cut, expected Q2 net operating loss of over $950 million

Things haven't been going well at BlackBerry for awhile, what with lackluster adoption of BB10 and the hardware running it, and rumors that massive layoffs are coming before the end of the year. Today, the company confirmed the latter rumor, announcing that it will lay off around 4,500 employees as a part of a plan to reduce its operating expenditures by half over the next year. The plan's necessitated by an expected Q2 2014 net operating loss of almost one billion (955-995 million) dollars, driven primarily by the lackluster sale of its BB10 phones -- the company will take a pre-tax charge of $930-960 million which can be attributed mostly to the Z10. Blackberry expects revenue for Q2 to be $1.6 billion, which is roughly half of the $3.1 billion it pulled in last quarter.

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Filed under: Cellphones, Mobile, Blackberry

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