BlackBerry layoffs were announced Friday by the company. The company plans to cut 4,500 jobs, which is 40 percent of its workforce. CNBC reports Sept. 20 that the BlackBerry layoffs are part of a restructuring plan. Preliminary earnings and revenue fell drastically by "Wall Street's estimates," the report said.
BlackBerry hopes to reduce 50 percent of its operating expenditures by end of the 2015 first fiscal quarter. At the end of Aug. 31, 2013, Reuters reports that the net loss for the company came to $950 to $995 million "due to writedowns and other factors." Smartphone sales have tanked and competing with the likes of Apple and Samsung Electronics have left BlackBerry struggling.
Revenue for BlackBerry has gone down to $2.6 billion compared to the $3.1 billion a year ago.
BlackBerry layoffs aren't a complete shock. They've employed as many as 20,000 workers at one and now have 12,700 people since March.
There's been talk that BlackBerry might even try selling out, according to Dow Jones.
"The company has sailed off a cliff," said Collin Gillis, an analyst at BGC Partners. "What do you expect when you announce you're up for sale? Who wants to commit to a platform that could possibly be shut down?"
Details about when the 4,500 BlackBerry layoffs will occur wasn't revealed.