Tuesday, September 2nd17.2°C
22817
22952

BlackBerry lays off 120 employees in Waterloo as part of cost cuts

BlackBerry (TSX:BB) has laid off 120 employees in its product development and wireless technology divisions as part of an ongoing cost-cutting plan, the company said Monday.

The reductions were centred at its headquarters in Waterloo, Ont., where most of its staff are based.

The move is part of a plan announced last year to lower expenses, partly through the elimination of about 40 per cent of the company's workforce.

"BlackBerry is working hard to return to profitability and we continue to optimize our resources to meet our mandatory operational targets," the company said in a statement.

"We recognize our local employees' hard work on behalf of our company and the difficulty of this news."

BlackBerry has also been looking for other ways to lower costs and squeeze more money from assets as the smartphone maker tries to reposition itself with business customers.

In December, the company sold a handful of buildings to the University of Waterloo for $41 million under an agreement that would allow the company to lease back some of them for up to five years.

Earlier this month, BlackBerry sold its U.S. headquarters in Irving, Texas, to Brookfield Property Group for an undisclosed amount. The company plans to lease back at least part of the six-building location.

Blackberry is scheduled to report its fourth-quarter and full-year results March 28.

The company's shares closed down 19 cents at $10.13 Monday on the Toronto Stock Exchange.

_

Follow (at)dj_friend on Twitter.

The Canadian Press


Read more Business News

22819


Recent Trending




Today's Market
S&P TSX15619.08-6.65
S&P CDNX1010.88-13.11
DJIA17067.56-30.89
Nasdaq4598.188+17.917
S&P 5002002.28-1.09
CDN Dollar0.9148-0.0001
Gold1266.70+1.70
Oil93.16+0.28
Lumber350.40+0.70
Natural Gas3.938-0.171

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.18-0.01
Cantex0.08+0.01
Anavex Life Sciences0.24-0.01
Metalex Ventures0.07-0.005
Russel Metals36.42-0.06
Copper Mountain Mining2.90-0.03
Colorado Resources0.165-0.015
ReliaBrand Inc0.100.00
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.225-0.02

 



21807

FEATURED Property
1687630# 203, 3550 Woodsdale Rd
2 bedrooms 2 baths
$249,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Manage your behaviour

You can’t manage what you can’t control! You can’t manage the number of sales you’re going to make but you can manage the behaviour that will help you make those sales. Obvious...


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...

_








Member of BC Press Council