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Summary:

CNBC reported the halt of BlackBerry share trading late on Friday afternoon, saying that news was pending. Moments later the company detailed forecasts for sales and revenues and will be cutting 4,500 jobs while taking nearly a billion dollar inventory charge.

BlackBerry Z10 White

BlackBerry shares were halted in trading less than an hour before the close of the U.S. stock markets on Friday afternoon. According to CNBC, there is pending news coming.

It’s no secret that BlackBerry has been looking for a buyer so this could be the prelude to an official deal announcement for the company. Earlier this week, it was reported that the company would be cutting up to 40 percent of its workforce before year end.

After the trading halt, Bloomberg tweeted information about job cuts, saying 4,500 will be let go. Bloomberg is also reporting a $930m-$960 million pretax inventory charge an operating expenses cut of 50 percent by 2015.

The company has put out a press release confirming Bloomberg’s information, saying it would “focus on enterprise and prosumer-centric targeted devices, including 2 high-end devices and 2 entry-level devices in all-touch and QWERTY models.” Additionally, the existing Z10 handset will be made available to a wide, entry-level audience. That sounds like additional price cuts, likely reflected in the inventory write-off, for low-cost markets.

This post was updated several times as new information became available.

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  1. Dennis McDonald Friday, September 20, 2013

    Nokia buying Blackberry? ;-)

  2. z30 anyone

  3. 2 years ago it was obvious that they weren’t going to make it on their own.

    18 months ago they could have sold the handset business.

    9 months ago they could have sold the brand and the service business.

    Now they can only sell the patent portfolio while they burn through the last of their cash.

    When the founder/CEO starts buying sports teams, run.

    1. So better run from Amazon when CEO starts buying newspapers?

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