Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  BlackBerry Ltd    BB   CA09228F1036

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Canada's RIM to cut at least 2000 jobs

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/26/2012 | 05:09pm CEST

Research In Motion Ltd (>> Research In Motion) is preparing for a major restructuring beginning in the next couple of weeks that will see it eliminate at least 2,000 jobs worldwide, the Globe and Mail reported on Saturday, citing unnamed sources.

Research In Motion Ltd (>> Research In Motion) is preparing for a major restructuring beginning in the next couple of weeks that will see it eliminate at least 2,000 jobs worldwide, the Globe and Mail reported on Saturday, citing unnamed sources.

The Canadian newspaper, citing several people close to the company, reported that the next round is layoffs is said to be planned for around June 1 - a day before the BlackBerry smartphone maker's first quarter ends - but some expect the announcement even earlier.

One source close to the company told Reuters the impending layoffs could hit as many as 6,000 people and affect RIM's legal, marketing, sales, operations, and human resources divisions.

"The strategic question is: are you accelerating into a better future or shrinking to a niche operation," said the source, who declined to be identified due to the sensitive nature of the job cuts.

A RIM spokeswoman contacted by Reuters declined to comment on the report.

But she pointed to comments that new Chief Executive Thorsten Heins and Chief Financial Officer Brian Bidulka made on RIM's last earnings call about plans to streamline operations and save $1 billion in the fiscal year.

The spokeswoman said RIM now has about 16,500 staff globally. This is down from a peak closer to 20,000.

RIM reported a fourth-quarter loss in March, when the new CEO announced the initial steps in a strategic overhaul. Heins took over from longtime co-CEOs Mike Lazaridis and Jim Balsillie in January.

Once the dominant player in the wireless e-mail sector, RIM has lost market share due to fierce competition from Apple Inc's (>> Apple Inc.) iPhone and phones running on Google Inc's (>> Google Inc) Android software.

RIM has already been through one round of restructuring. Last July it announced plans to cut about 11 percent of its workforce, or 2,000 jobs.

A string of high-level employees have departed RIM recently, including global head of sales Patrick Spence, who was set to take a senior job at audio company Sonos.

Several sources close to the company told Reuters RIM had been letting more junior staff go for several months in what has come to be known internally as 'Goodbye Thursdays,' because the cuts typically occurred on that day of the week.

The job cuts have failed to boost the company's stock. On Thursday RIM shares hit a multi-year low of C$10.87 on the Toronto Stock Exchange. The stock changed hands for more than C$150 in 2008.

(Additional reporting by Jeffrey Hodgson; editing by Christopher Wilson)

By Alastair Sharp

Stocks treated in this article : Apple Inc., Google Inc, Research In Motion
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BLACKBERRY LTD
07/21 BLACKBERRY : Strengthens Cybersecurity Offering for the Canadian and U.S. Govern..
07/20 TSX edges up to three-week high, boosted by Rogers
07/20 BlackBerry wins right to sell secure messaging tools to U.S. government
07/20 BlackBerry wins right to sell secure messaging tools to U.S. government
07/20 BLACKBERRY : How The NIAP-Certified SecuSUITE Can Make The Canadian and U.S. Gov..
07/20 BLACKBERRY : Strengthens Cybersecurity Offering for the Canadian and U.S. Govern..
07/18 OUR BODIES, OUR DATA : How HealthCare Providers Can Protect Patient Privacy
07/17 CASE STUDY : This High-Security, International Law Firm Works Better and Smarter..
07/14 MARK YOUR CALENDAR : 2017 BlackBerry Security Summits
07/11 BLACKBERRY LTD : Today's Research Reports on BlackBerry Limited, CGI Group Inc.,..
More news
News from SeekingAlpha
07/23 BlackBerry's Secure Enterprise File Sync & Share 'Fact Check'
07/21 IBM : Don't Get Caught In A Value Trap
07/21 How BlackBerry Can Quickly Increase Its Software Revenue
07/21 BlackBerry Is Correctly Priced - Cramer's Lightning Round (7/20/17)
07/20 BlackBerry wins right to sell security to U.S. government
Financials ($)
Sales 2018 1 014 M
EBIT 2018 -15,6 M
Net income 2018 424 M
Finance 2018 598 M
Yield 2018 -
P/E ratio 2018 20,46
P/E ratio 2019 306,62
EV / Sales 2018 4,67x
EV / Sales 2019 5,06x
Capitalization 5 331 M
Chart BLACKBERRY LTD
Duration : Period :
BlackBerry Ltd Technical Analysis Chart | BB | CA09228F1036 | 4-Traders
Technical analysis trends BLACKBERRY LTD
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 8,87 $
Spread / Average Target -12%
EPS Revisions
Managers
NameTitle
John S. Chen Executive Chairman & Chief Executive Director
Marty J. Beard Chief Operating Officer
Steven M. Capelli Chief Financial Officer
Iain S. Kennedy Chief Information Officer
Barbara G. Stymiest Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BLACKBERRY LTD36.58%5 331
AT&T-14.15%224 463
CHINA MOBILE LTD.2.80%220 577
NTT DOCOMO INC-1.39%92 294
SOFTBANK GROUP CORP19.29%91 312
VODAFONE GROUP10.83%78 369