Canada's BlackBerry to lay off more staff in cost-cutting drive

BlackBerry

13/02/2024 24:21

Feb 12 (Reuters) - Canada's BlackBerry  BB.TO  said on
Monday it was targeting an additional increase of $100 million
in its annual profit as the cybersecurity firm slashes costs,
including reducing workforce.
    The company's new target is in addition to a $50 million
annualized cost reduction plan announced and 200 job cuts in the
prior quarter.
    The company, which also makes the QNX and IVY platforms used
in automotive applications, in December scrapped its initial
public offering (IPO) plans for its Internet of Things (IoT)
business, but still expects to split the IoT and cybersecurity
businesses into fully standalone divisions.
    Leadership teams for both divisions have been established,
BlackBerry said, adding that it is in talks with a leading
external consulting firm with the unit separation in progress.
    It added that the company is reducing costs further in the
current quarter, with additional layoffs in the cybersecurity
business, which is set to provide yearly savings of about $27
million. 

    

 (Reporting by Akash Sriram in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti;
+91-74116-87774;))