BlackBerry to cut up to 40% of employees

BlackBerry logoIt’s no secret that BlackBerry has been falling faster and faster over the last year. Despite the name change (from Research in Motion to BlackBerry) and some decent handsets, the company just can’t stop losing money.

On Wednesday, The Wall Street Journal, citing “people familiar with the matter,” reported that BlackBerry is preparing to cut up to 40 percent of its workforce before the end of the year. The company only has about a 3 percent market share in the United States. This news comes the same day that the company announced the new Z30 handset.

According to its own financial statements (PDF) for the fiscal year ending in 2011, BlackBerry made $3.4 billion, but that fell to $1.1 billion in 2012, and then fell even further to a loss of $646 million in 2013.

As of March 2, 2013, the company had approximately 12,700 full-time employees—so a 40 percent cut would leave the company with 7,620 employees. Just under half of BlackBerry's current employees are involved in product development.

Wall Street didn’t respond well to the news: the company’s stock price is down slightly, having lost about 1.5 percent on the day as of this writing.

"We will not comment on rumors and speculation," BlackBerry spokesman Adam Emery told Reuters. "We are in the second phase of our transformation plan. Organizational moves will continue to occur to ensure we have the right people in the right roles to drive new opportunities."

Source: Ars Technica

Tags: BlackBerry

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