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Blackberry shares suspended as company warns of losses Blackberry to cut 4,500 jobs amid earnings plunge
(34 minutes later)
Trading in Blackberry shares has halted on the Toronto Stock Exchange and the Nasdaq in New York. Blackberry announced on Friday that it would cut 4,500 jobs, or 40% of its worldwide workforce.
The troubled smartphone maker said on Friday that it anticipated a loss when it reported its second-quarter figures next week. It also said it anticipated a loss of as much as $995m (£621.1m) when it reports its second-quarter earnings next week.
Blackberry said that it may lose up to $995m (£621.1m). Shares plummeted 20% after briefly being halted following the announcement.
It also expects to have to cut 40% of its worldwide workforce, 4,500 employees. In August, the troubled smartphone maker said it was evaluating a possible sale of the company.
"The company has sailed off a cliff. What do you expect when you announce you're up for sale?" said BGC technology analyst Colin Gillis.
"Who wants to commit to a platform that could possibly be shut down?"
The company has been seeking a path forward after its much-touted new phone and operating system failed to catch on.
This week, it released a new version of its handset, the Z30, which was praised by observers but was nonetheless overshadowed by Apple's launch of its new smartphone products.