BlackBerry said Friday that it will lay off 4,500 employees, or 40 per cent of its global workforce, as it reports a nearly $1 billion second-quarter loss a week earlier than expected.
The stock dropped 23 per cent to $8.11 after reopening for trading. Shares had been halted earlier pending the news announced the same day rival Apple's latest iPhone models went on sale.
BlackBerry had been scheduled to release earnings next week. But the Canadian company said late Friday afternoon that it expects to post a staggering loss of $950 million to $995 million for the quarter, including a massive write down of the value of its inventory due to increasing competition.
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