Waterloo-based BlackBerry is set to make additional reductions in its cybersecurity division this quarter, aiming to save USD $27 million annually. This move is a strategic effort to increase the company’s annualized net profit by USD$100 million.
These upcoming cuts follow the elimination of 200 jobs in the same division last quarter. In a bid to further reduce costs, BlackBerry is also closing six of its 36 offices and implementing other workforce reductions. Despite shelving plans to take its Internet-of-Things division public, the company is preparing its IoT and cybersecurity divisions to operate independently, with new executive appointments. Following these announcements, BlackBerry’s shares experienced a nearly four percent decline on Tuesday.
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