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September 20, 2013 11:47 pm GMT
BlackBerry temporarily halted trading this afternoon to deliver some grim news. Today the company confirmed earlier reports of massive layoffs — some 4,500 employees will be let go by the end of the year. To put that in perspective, BlackBerry’s total headcount sat at 12,700 as of March 2013, so this next spate of firings means that between 35 and 40 percent of the company’s workforce will soon be out of luck. What’s more, the company pulled back the curtain on its fiscal Q2 2014 earnings results (remember, their fiscal timetable doesn’t completely match up to the calendar on your wall) and reported a GAAP net operating loss of between $950 million and $995 million. It’s been over a year since the last time the beleaguered Waterloo company halted trading ahead of some important news — the same scenario played out in May 2012 when CEO Thorsten Heins released a statement confirming that RBC and J.P. Morgan were being tapped to help conduct a “strategic review”. This is a developing story, please refresh for updates.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/8sjankC3h2U/
BlackBerry Confirms Massive Layoffs, Reveals ~$1 Billion Loss In Q2 2014
BlackBerry temporarily halted trading this afternoon to deliver some grim news. Today the company confirmed earlier reports of massive layoffs — some 4,500 employees will be let go by the end of the year. To put that in perspective, BlackBerry’s total headcount sat at 12,700 as of March 2013, so this next spate of firings means that between 35 and 40 percent of the company’s workforce will soon be out of luck. What’s more, the company pulled back the curtain on its fiscal Q2 2014 earnings results (remember, their fiscal timetable doesn’t completely match up to the calendar on your wall) and reported a GAAP net operating loss of between $950 million and $995 million. It’s been over a year since the last time the beleaguered Waterloo company halted trading ahead of some important news — the same scenario played out in May 2012 when CEO Thorsten Heins released a statement confirming that RBC and J.P. Morgan were being tapped to help conduct a “strategic review”. This is a developing story, please refresh for updates.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/8sjankC3h2U/
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