Smartphone maker Blackberry to cut 4,500 staff
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The stock dropped 19% to 8.50 US dollars 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 it expects to make a loss of between $950m and $995m for the quarter, including a massive inventory charge due to increasing market competition.
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Hide AdThe BlackBerry, which launched 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.
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