Blackberry, the once-mighty smartphone maker, has announced it will be slashing its workforce by up to 40 percent as its earnings plummet. 4,500 jobs will be cut world-wide.
The Canadian firm said it was expecting to report a loss of around 700 million euros when it presents its second quarter earnings next week.
Blackberry shares nose-dived 20 percent following the announcement from the firm.
Once at the forefront of the corporate smartphone arena, Blackberry has been losing market share to competitors such as Apple and Samsung, despite continuing to introduce new products.
This month, the company introduced a new version of its Z30 handset, but the release was overshadowed by Apple’s launch of its new iPhone handsets.