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BlackBerry Announces Layoffs

BlackBerry Announces LayoffsBlackBerry Announces Layoffs

Canadian smartphone maker BlackBerry Ltd, formerly Research in Motion, is cutting jobs across the world, the company said on Friday, Reuters reported, as it consolidates its software, hardware and applications businesses.

The company did not specify how many employees would be affected in the first round of layoffs.

BlackBerry, which reported a 16.8-percent fall in quarterly revenue in March, had about 6,225 full-time employees as of February 2015, according to its website.

The company is reallocating resources to capitalize on growth opportunities and achieve profitability across all its business segments, a company spokeswoman said in an emailed statement to the news agency.

The Waterloo, Ontario-based company last month said it was considering closing its offices in Sweden, a move that would result in the loss of up to 100 jobs.

Up to Friday's close, the company's Toronto-listed stock had risen more than 62 percent in the last 12 months, whereas the US-listed stock had risen nearly 44 percent during the same period.

BlackBerry has struggled in recent years to regain a market share with the onslaught of newer operating systems like Apple's iOS and Google's Android. However, recent reports suggest the company is planning for a corporate buyout by Microsoft as it attempts to grow its market share of 5 percent currently.

 

Financialtribune.com