Blackberry to Lay Off 4,500 Employees

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Blackberry to Lay Off 4,500 Employees

Blackberry once dominated the SmartPhone market, but there’s evidence of big trouble after reports that the company is set to lay off 40 percent of its global staff.

This means that 4,500 employees will lose their jobs, the NY Times reports. The company will also report a loss this quarter of approximately $950 million to $995 million due to a surfeit of unsold phones as well as costs that resulted from structural changes within the company.

Blackberry will stop producing two of its current models and will undertake a “strategic review” this summer that could potentially lead to its sale, according to the NY Times.