Tuesday, September 16th21.8°C
23373
22924

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

23021


Recent Trending




Today's Market
S&P TSX15547.23+64.671
S&P CDNX976.14-5.36
DJIA17147.91116.77
Nasdaq4555.953+37.05
S&P 5002000.40+16.27
CDN Dollar0.9111+0.0065
Gold1236.90+1.80
Oil94.87+1.95
Lumber349.00+1.00
Natural Gas4.064+0.067

 
Okanagan Companies
Pacific Safety0.175-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.290.00
Cantex0.06-0.01
Anavex Life Sciences0.250.00
Metalex Ventures0.06-0.005
Russel Metals36.09-0.08
Copper Mountain Mining2.68-0.02
Colorado Resources0.17+0.015
ReliaBrand Inc0.0279+0.0039
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29+0.025

 



23021

FEATURED Property
20645531885 Portland Place
5 bedrooms 3 baths
$464,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...

_



23109




Member of BC Press Council


22962