comscore BlackBerry layoffs to cost $400 million, quadrupling earlier estimates

BlackBerry layoffs to cost $400 million, quadrupling earlier estimates

  • Published: October 3, 2013 10:52 AM IST

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BlackBerry s cash reserves look set to take another hit. Bloomberg reports that BlackBerry said in a regulatory filing this week that laying off 4,500 workers around 40 percent of its total workforce will cost the company $400 million, or four times its original estimates. Also Read - TCL will not design, manufacture or sell BlackBerry smartphones from August 31

BlackBerry also says that it plans to unload factories, manufacturing gear and property as part of its larger cost-cutting plan, according to Bloomberg. BlackBerry last week reported second quarter results showing that the company recorded a GAAP operating loss of $965 million on sales of $1.6 billion, which marked a 49 percent year-over-year decline in revenues. The company has been slimming down while it works to complete a buyout with Fairfax Financial that would take it private for $4.7 billion.

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  • Published Date: October 3, 2013 10:52 AM IST

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