Troubled BlackBerry-maker Research In Motion has announced it will cut 5,000 jobs from its global workforce as part of a business restructuring.
The company also announced it will delay the release of its highly anticipated BlackBerry 10 phone until the first quarter of 2013.
The launch had been expected later this year, with analysts hopeful it would be ready in time for the holiday-season rush.
The company also announced a reported loss of $518 million or 99 cents per share in its latest quarter.
“This was a challenging quarter for the company on many fronts and I’m not satisfied with the financial performance we are reporting today.” RIM CEO Thorsten Heins said to investors on a conference call.
Investors were not satisfied either, RIM stock went down as much as 18 per cent in the U.S. after hours trade.
The loss compared to a profit of $695 million or $1.33 per share just one year ago.
Revenue for the quarter fell to $2.81 billion from $4.91 billion.
RIM (Research in Motion) is based in Waterloo, Ontario. (July 2010)
RIM to delay release of BB10, cut 5,000 jobs as part of restructuring
Richard Southern and 680News staff
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