BlackBerry continue to hurt, even after it announces it is retreating out of the consumer handset market. It is being reported that the 4,500 layoffs the Canadian phone maker is doing, will cost them $400 million.
This is four times the initial estimates, something we're finding out thanks to the regulatory filing that BlackBerry filed last week. The company also says that it "plans to unload factories, manufacturing gear and property." This all sounds like BlackBerry landed on Mayfair loaded with a hotel, and is now mortgaging everything it's got to not just sink.
BlackBerry reported last week its second quarter earnings, which saw a 49% year-over-year drop in revenues.