Disaster has finally struck for smartphone pioneer BlackBerry.
Today, trading of BlackBerry’s stock was halted with “news pending.” That news turned out to be tragic: the company is reporting a net loss of $950 million for its last financial quarter and has confirmed that it is laying off 4,500 people, nearly 40% of its entire workforce. BlackBerry will have 7,000 jobs remaining after the cuts. The layoffs come as BlackBerry tries to reduce expenses by at least 50% heading into 2015.
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