BlackBerry announced it will slash 4,500 jobs, or about 40% of its workforce, amid growing losses. Shares for the Canadian company were halted Friday afternoon, when the smartphone maker warned investors revenue for the second quarter is expected to fall to $1.6 billion, falling short of analyst estimates of $3.04 billion.
The company said it will shift its focus to the enterprise and prosumer markets, cutting its planned product portfolio to four handsets from six. In August, BlackBerry announced it had formed a special committee to explore a potential sale of the company. It cut 5,000 jobs last year and began smaller rounds of layoffs in the summer.