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BlackBerry, once known for its “BlackBerry” phones and now a software firm specialising in cybersecurity, announced that it will eliminate additional jobs, mostly in its cybersecurity unit, as the company continues to push for profitability amid a separation into two publicly traded companies.
The Canadian tech firm said it had identified cost-saving efficiencies in its cybersecurity business, particularly in areas like research and development.The impending layoffs are expected to generate $27 million in annualised savings, while another $8 million in savings will come from other actions.
BlackBerry has also exited six of its 36 global office locations, including one in San Ramon, California, as part of a broader effort to cut administrative expenses.
The job cuts and office closures come after the company eliminated around 200 positions, mainly related to its cybersecurity operations, last quarter.
Along with the job reductions, BlackBerry has designated chief financial officers, chief people officers, and general counsel for its IoT and cybersecurity units as it works to split them into two publicly traded companies. Management consultancy Alvarez & Marsal has been hired to assist with the separation process.
BlackBerry said the restructuring efforts are aimed at reaching positive cash flow in the coming fiscal year and operating cash flow positively by the fourth quarter of fiscal 2025.
The Canadian tech company has been attempting to return its cybersecurity and internet-of-things operations to consistent profitability amid market shifts and acquisition integrations in recent years. The recently announced job cuts and office closures represent BlackBerry’s latest push to streamline operations and reduce costs across its enterprise software units. To split into two focused businesses, the company hopes to continue moving toward long-term profitability.
The Canadian tech firm said it had identified cost-saving efficiencies in its cybersecurity business, particularly in areas like research and development.The impending layoffs are expected to generate $27 million in annualised savings, while another $8 million in savings will come from other actions.
BlackBerry has also exited six of its 36 global office locations, including one in San Ramon, California, as part of a broader effort to cut administrative expenses.
The job cuts and office closures come after the company eliminated around 200 positions, mainly related to its cybersecurity operations, last quarter.
Along with the job reductions, BlackBerry has designated chief financial officers, chief people officers, and general counsel for its IoT and cybersecurity units as it works to split them into two publicly traded companies. Management consultancy Alvarez & Marsal has been hired to assist with the separation process.
BlackBerry said the restructuring efforts are aimed at reaching positive cash flow in the coming fiscal year and operating cash flow positively by the fourth quarter of fiscal 2025.
The Canadian tech company has been attempting to return its cybersecurity and internet-of-things operations to consistent profitability amid market shifts and acquisition integrations in recent years. The recently announced job cuts and office closures represent BlackBerry’s latest push to streamline operations and reduce costs across its enterprise software units. To split into two focused businesses, the company hopes to continue moving toward long-term profitability.
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