Special to the Enterprise
BlackBerry Ltd. (Nasdaq:BBRY) announced today it expects to post a nearly $1 billion loss for the second quarter and cut its global workforce by 40%, according to a report from CNN.
The company attributed the loss to a charge it was taking on restructuring its business and the “increasingly competitive business environment.”
Sales of shares of the company were halted an hour before the announcement and then plunged 20% afterward. The stock was already down 13% for the year.
In August, the company announced that it was putting itself up for sale.