A tech firm plans layoffs and office closures to slash costs as it splits its business units
BlackBerry Ltd. is reducing its workforce as part of a broader strategy to cut costs and streamline its operations amid the separation of its two main business divisions, as reported by The Canadian Press.
The Waterloo, Ontario-based company eliminated about 200 jobs last quarter and expects further layoffs, especially in its cybersecurity division, to save approximately US$27m annually. Additionally, BlackBerry will exit six of its 36 global offices to further reduce expenses.
Despite a US$21m loss in the third quarter ending November 30—a significant increase from a US$4m loss the previous year—BlackBerry is optimistic about achieving positive cash flow by the fourth quarter of the 2025 fiscal year.
The company reported a slight increase in revenue to US$175m from US$169m a year earlier. This financial adjustment is in line with analysts' expectations and comes as BlackBerry continues to restructure, recently canceling an initial public offering for its Internet of Things business while still planning to divide it from the cybersecurity unit.
