BlackBerry to shed 4,500 jobs
on 20/09/2013 20:35:26
The stock dropped 19% 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 this afternoon it expects a loss of about $950m to $995m 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.