A catastrophic loss of nearly $1bn has forced Blackberry – formerly RIM – to announce the axing of 4,500 jobs.
The poor performance of its Z10 smartphone is one of the biggest factors in the numbers, which have seen it predict quarterly losses of $995m. Around 40 per cent of its global workforce is expected to be let go, leaving it with just 7,000 employees.
The company shed 5,000 jobs just over a year ago.
The company is reducing its current product range from six to just four handsets and intends to focus exclusively on the ‘prosumer' market going forwards.
"We are implementing the difficult, but necessary operational changes announced today to address our position in a maturing and more competitive industry, and to drive the company toward profitability," chief exec Thorsten Heins stated.
"Going forward, we plan to refocus our offering on our end-to-end solution of hardware, software and services for enterprises and the productive, professional end user."
Blackberry last month admitted that it may have to sell itself.