BlackBerry Confirms Massive Layoffs, Reveals ~$1 Billion Loss In Q2 2014

TechCrunch

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. Why? According to a statement released by the company, it’s largely because of underwhelming BlackBerry Z10 sales. Quarterly revenue is down dramatically, too. Last time around the company reported revenues of $3.1 billion and 6.8…

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