BlackBerry has confirmed it's laying off another 80 employees in Canada this week.
The company's latest wave of layoffs hit the workforce of its headquarters in Waterloo. The layoffs are one small wave of a 4,500-employee layoff tsunami, with recent cuts dropping employees by up to 300 per week, and not just in Waterloo, but in other Canadian cities too.
BlackBerry's comment on this week's layoffs remains the same as it has been for months, stating that the company is "in a period of transition" and that it "must focus on enhancing our financial results to be in a better position to compete."
It's sad news for those losing jobs, but arguments are being made that these massive layoffs aren't all bad and may even help boost Canada's economy. Either way, BlackBerry hopes to stage a turnaround with a recent $1 billion cash injection a new interim CEO, John Chen, who stated recently he plans to return BlackBerry to its "heritage and roots."
The company's market value is current just over $3 billion, down from more than $80 billion in 2008.
Photo: Geoff Robins, Canadian Press