Friday, September 20, 2013

Bad day for BlackBerry

The Harper look-alike at BlackBerry  announces major job cuts ... almost 40% of the global workforce will get the axe. 

BlackBerry Ltd. will cut 4,500 jobs worldwide  as part of ongoing restructuring efforts, confirming earlier reports that the company had plans to reduce its workforce by up to 40% by the end of 2013.

The company, based in Waterloo, Ontario, expects to report a net operating loss of as much as US$995-million for the fiscal second quarter, according to a statement today. Sales in the quarter were about US$1.6-billion — just more than half the US$3.03-billion average estimate of analysts surveyed by Bloomberg.

The stock closed down 16%, or $1.74, to $9.08 on the Toronto Stock Exchange, after plummeting as much as 21% to $8.50 as investors reacted to the news. In New York, BlackBerry closed down 17.06% to US$8.73....

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