SEPTEMBER 20, 2013
http://allthingsd.com/20130920/blackberry-shares-halted/?mod=atd_email_daily_featured
John Paczkowski
"More ugly news from BlackBerry. On Friday afternoon, the company announced plans to sack 4,500 employees, as part of a massive restructuring intended to reduce expenditures by 50 percent by 2015. The reason: A horrific expected shortfall in second-fiscal-quarter earnings.
The foundering smartphone pioneer said on Friday that it expects to report revenue of about $1.6 billion for the quarter, far below the $3.04 billion for which Wall Street has been looking. It also warned of a GAAP net operating loss of between $950 million and $995 million for the quarter. That includes an inventory charge that could be as much as $960 million, and a restructuring charge of $72 million. Finally, the company said it shipped 3.7 million smartphones last quarter, down from the 6.8 million it shipped last quarter, which was itself a disappointing figure. Even worse, BlackBerry said most of those handsets don’t even run the new BlackBerry 10 operating system on which it had hoped to mount a comeback."
Read more: http://allthingsd.com/20130920/blackberry-shares-halted/?mod=atd_email_daily_featured
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