Blackberry Slashes Staff, Warns Of Nearly $1B Loss - Phones - Nairaland
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| Blackberry Slashes Staff, Warns Of Nearly $1B Loss by deniceguy(m): 9:12pm On Sep 20, 2013 |
The news of 4,500 job cuts came late Friday afternoon confirming layoff rumorsthat have been swirling about problems at the smartphone maker. It attributed the loss to a charge it will take to restructure its business as well as an "increasingly competitive business environment." It also said it was cutting the number of smartphones it would offer down to four from the current six as it refocuses its business. The company is due to report financial results before the market open next Friday. The company also reported last month that it is exploring ways to keep itself afloat -- including a possible sale of the company. Shares of BlackBerry ( BBRY )were halted an hour before the market close for the announcement, and they plunged 20% when trading resumed. BlackBerry's stock is down 13% this year. It's not clear what's next for the company. BlackBerry does possess assets that could make it attractive to a potential buyer or partner. Perhaps most importantly, BlackBerry owns a trove of lucrative patents. That's a massive advantage in the competitive and highly litigious world of smartphones, and it could be attractive to a big rival like Microsoft ( MSFT , Fortune 500 ), Apple ( AAPL , Fortune 500 )or Samsung. Experts predict that BlackBerry will have a tough time finding a buyer for the entire company, since no suitor is likely to be interested in the hardware business. Sale of the patent portfolio, for example, or licensing BlackBerry software may be a better option. At least BlackBerry has money to burn: At the end of last quarter, the company had $3.1 billion in cash on hand. If BlackBerry's smartphones themselves are a deal-killer, peeling off the company's software business could help gain interest from a number of buyers. BlackBerry's brand has lost consumer cachet, but it still holds a strong reputation for corporate security. In addition to secure email, BlackBerry offers several multi-platform security solutions. Secure Work Space allows iPhone and Android users to toggle between personal and corporate modes, and Mobile Fusion lets corporate IT staffers manage different mobile devices through a single interface. http://money.cnn.com/2013/09/20/technology/blackberry/index.html |
| Re: Blackberry Slashes Staff, Warns Of Nearly $1B Loss by Iaz93: 1:12am On Sep 21, 2013 |
I knew it was coming to this. |
| Re: Blackberry Slashes Staff, Warns Of Nearly $1B Loss by Nobody: 7:03am On Sep 21, 2013 |
BB IS REALLY BEING AFFECTED .. I REALLY FEEL BAD FOR THEM |
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