BlackBerry has announced that 4,500 jobs, around 40% of its global workforce, will be cut and the company expects to report net operating losses of approx. $950 million to $995 million.
In BlackBerry's official press release, the company also confirmed that around 3.7 million smartphones were sold in Q2, down from 6.8 million reported in Q1.
Thorsten Heins, BlackBerry's CEO said, "We are implementing the difficult, but necessary operational changes announced today to address our position in a maturing and more competitve industry, and to drive the company toward profitability."
The company explained its future plans in tackling competition from leading smartphone manufacturers such as Apple and Samsung, "As part of the Company's focus on enhancing its financial results, and in response to the increasing competition in the smartphone market, BlackBerry also announced plans to transition its future smartphone portfolio from six devices to four."