NEW YORK: Struggling smartphone maker BlackBerry could cut its workforce by up to 40 percent by the end of the year, The Wall Street Journal reported.
Citing unidentified people familiar with the matter, the newspaper said that the Canadian company plans to make the cuts through layoffs that will occur in all of its departments, potentially affecting several thousand people.
When contacted by The Associated Press, BlackBerry released a statement saying that it wouldn’t comment on “rumors and speculation.”
“As previously stated, we are in the second phase of our transformation plan.
Organizational moves will continue to occur to ensure we have the right people in the right roles to drive new opportunities in mobile computing,” BlackBerry said.
The report comes as BlackBerry continues to lose money amid tough competition from Apple Inc.’s iPhone and phones running Android, such as Samsung’s Galaxy.
The company’s board is looking at strategic alternatives, including a possible sale of the company.
Waterloo, Ontario-based BlackBerry had 12,700 employees the last time it reported an employment figure in March.
BlackBerry shares fell 10 cents to $10.46 in afternoon trading.
BlackBerry may cut 40% of workforce
BlackBerry may cut 40% of workforce
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
