BlackBerry To Lay Off 4,500 Employees
TORONTO (CBSDFW.COM/AP) — BlackBerry says it will lay off 4,500 employees, or 40 percent of its global workforce, as it reports a nearly $1 billion second-quarter loss in a surprise early release of earnings results.
The stock dropped 19 percent to $8.50 after reopening for trading. Shares had been halted pending the news.
BlackBerry had been scheduled to release earnings next week. But the Canadian company said late Friday afternoon it expects a loss of about $950 million to $995 million for the quarter, including a massive inventory charge due to increasing market competition.
The BlackBerry, pioneered in 1999, was the dominant smartphone for on-the-go business people and other customers before Apple debuted the iPhone in 2007. Since then, BlackBerry Ltd. has been hammered by competition from the iPhone as well as Android-based rivals like Samsung.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- North Texas Man Sentenced To 17+ Years For Fictional Disney Scheme
- Two Suspects Wanted For Shooting During Party In Cleburne
- U.S. Olympic Committee Announces City Of Los Angeles As The Bid To Host 2024 Olympics
- Fort Worth ISD Breaks Ground On New Student Aviation Center
- CBS Sports To Stream NFL On CBS Coverage For Regular & Postseason Games Headlined By Super Bowl 50
- If You Can’t Beat ‘Em, Gig ‘Em
- Tricks To Using The New iPhone Software
- Airport’s New Parking System Overcharging Thousands Of Drivers
- Ben & Skin Parody: Rangers Won’t Die
- More Energy Used: AT&T Stadium Or Liberia?
- PHOTOS: Your Pet Pictures