BlackBerry Ltd (BBRY) To Cut 40 Percent Of Its Workforce

BlackBerry Ltd (BBRY) To Cut 40 Percent Of Its Workforce
<a href="">jieyirain</a> / Pixabay

BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) may be planning to cut its workforce by as much as 40 percent by the end of the year. That’s according to Will Connors of The Wall Street Journal.

BlackBerry Ltd (BBRY) To Cut 40 Percent Of Its Workforce

This possible round of job cuts come amidst increasing uncertainty about the company’s future. Just this month, management at BlackBerry denied reports that they were cutting their sales force by 50 percent.

Southpoint Capital likes these stocks [Q1 Letter]

Clint Carlson Far ViewSouthpoint Qualified Fund and Southpoint Qualified Offshore Fund returned 2.5% net for the first quarter, compared to the S&P 500's 6.2% return and the Russell 2000's 12.7% gain. During the first quarter, Southpoint's funds averaged 133% long and 70% short. Q1 2021 hedge fund letters, conferences and more The fund's long positions added 13% gross Read More

BlackBerry job cuts to come in waves

According to Connors’ sources, the cuts at BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) will come in waves and affect thousands of workers in every department at the company. A spokesperson for the company would only say today that they will continue to make “organizational moves.” Connors reports that the spokesperson would not comment on the 40 percent number he had been told by another source at the company. Sources apparently told The Wall Street Journal that some workers at the company have been informed by their managers which job cut waves will affect their jobs.

BlackBerry prepares for the next step

The last time BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) revealed how many employees it officially had was in March when it had 12,700 employees. However, that estimate declined to 11,000 by July, and since then there have been other layoffs at the company, as recent as last month. The struggling Canadian handset maker said in its July report that it was planning to cut more jobs, although it did not say just how many at the time.

BlackBerry revealed about a month ago that it was looking for strategic alternatives, which could mean a complete sale of the company or selling it off in pieces. The company’s board has said it wants to have the process finished as soon as possible, perhaps even as early as November.

As of this writing, shares of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) were down 1 percent at the NASDAQ.

No posts to display