Dallas, Texas 09/23/2013 (Financialstrend) – The wireless solutions provider for the global mobile communications market, BlackBerry Ltd (NASDAQ:BBRY) provides seamless access to email, voice, instant messaging, SMS and internet browsing through development of integrated hardware, software and services. Through software development kits, wireless connectivity to data and support programs, BlackBerry Ltd (NASDAQ:BBRY)’s technology enables the third party developers to enhance the performance of their products and services.
Earlier BlackBerry Ltd (NASDAQ:BBRY) reported the value of its inventory (largely attributed to unsold smartphones) at $887 million during the June quarter. Now on Friday, September 20, 2013 the company announced to post $1 billion loss while reporting its 2Q13 earnings. The company believed that the strife competition in the segment is impacting its smartphone volumes. As an outcome the company is expecting to post huge operating loss for 2Q13, somewhere in range of $950 million to $995 million.
Now as a part of its ongoing restructuring efforts, largely to keep the company alive, BlackBerry Ltd (NASDAQ:BBRY) is planning to consolidate its giant workforce by cutting 4,500 jobs worldwide. Taking the history into account, the company has cut down more than 7000 jobs since the start of 2011.
As far smartphone market share is concerned BlackBerry witness 2Q13 share at 2.9% compared to 4.9% during 2Q12 even losing to Microsoft Corporation (NASDAQ:MSFT)’s Windows Phone having market share of 3.7%. One need to mention that Google Inc. (NASDAQ:GOOG)’s android is the market leader with 79.3% share, followed by Apple Inc. (NASDAQ:AAPL)’s iOS with market share of 13.2%.
The stock of the company has witnessed the downfall of over 25% year to date and more than 15% in the previous week. The stock plunged over 17% on Friday, September 20, 2013 to close at $8.73 and at this price it is trading 52% below its 52 week high of $18.32. To remind, during its legacy the stock was trading above $200 mark.