Research In Motion Ltd said on Monday it plans to cut about 2,000 jobs, or 11 percent of its workforce



        Mon Jul 25, 2011 8:47am EDTTORONTO (Reuters)

- Research In Motion Ltd said on Monday it plans to cut about 2,000 jobs, or 11 percent of its workforce, detailing cuts that it first announced last month.One analyst said the job cuts were slightly deeper than expected, but were key to RIM's recovery from a slump triggered by stiff competition from Apple Inc and Google Inc."This is not totally unexpected. I think the size of (the cuts) is a little bit bigger than what they were intimating before," said Jefferies & Co analyst Peter Misek. "I think this is obviously realigning the cost structure to a new growth, or sales reality."RIM said one-time charges from the job cuts were not included in its outlook for the second quarter or for the full year, and it would explain the financial impact of the cuts when it reports second quarter results on September 15.The stock, already near multi-year lows, was down as much as 2 percent before the market opened.RIM said the job cuts are "a prudent and necessary step" for its long-term success.The BlackBerry maker also announced a string of changes to executive responsibilities and, in the latest departure, said Chief Operating Officer Don Morrison would retire.Morrison, currently on temporary medical leave, will be leaving after more than 10 years at the company.RIM said when it reported first quarter results last month that it would cut jobs to stay competitive, but it gave no details at the time.It said on Monday that the job cuts bring RIM's headcount to about 17,000 people.RIM's U.S.-listed shares were down 1 percent at $27.60 in trading before the opening bell. That's up slightly from earlier levels.Misek, who has an 'underperform' rating on RIM's stock, said one thing to watch was when RIM would adopt its new QNX operating system."I think the key here, more than ever, is when do their products launch and what kind of reception will they have and most importantly, when will QNX come in. We don't think those answers are here yet," he said.(Reporting by S. John Tilak, Euan Rocha in Toronto, Aftab Ahmed in Bangalore; editing by Janet Guttsman)

Views: 57

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Sandy posted a video

RISE OF THE RAINBOW CHILDREN (2021)

📺AMAZON/FIRESTICK/ROKU: Thescariestmovieever.tv https://watch.thescariestmovieever.tv/webtv-v3/ 💯EMERGENCY FOOD SUPPLIES HERE (*Specials):…
9 hours ago
tjdavis posted videos
10 hours ago
Burbia posted a photo
18 hours ago
Less Prone favorited tjdavis's video
yesterday
Less Prone favorited tjdavis's video
yesterday
Less Prone posted photos
yesterday
Doc Vega posted a blog post

Is This Story True and Have their Identities Been Changed?

(Perhaps it’s the only way it can be told) Chapter 1Roy reached across the aisle of the DC-3 as it…See More
yesterday
Doc Vega posted photos
yesterday
Sandy posted videos
Sunday
cheeki kea commented on cheeki kea's photo
Sunday
cheeki kea posted a photo
Sunday
cheeki kea favorited Doc Vega's blog post A Grain of Hope
Sunday
Doc Vega posted blog posts
Saturday
Doc Vega's 7 blog posts were featured
Saturday
tjdavis's blog post was featured
Saturday
Burbia's blog post was featured

Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.

I guess releasing this bio-weapon upon Israeli neighbors would be hitting too close to home. I…See More
Saturday
Less Prone commented on Doc Vega's photo
Thumbnail

main-qimg-357a10f7111dcf87a3cc6e2afad83855

"Islam is only a phase preceding a total Talmudic rule and a new world religion."
Saturday
Less Prone commented on tjdavis's photo
Thumbnail

WWRJD

"I doubt a d-rat Jesus would be better. Much worse. “Politicians are the lowest form of life…"
Saturday
Less Prone favorited tjdavis's photo
Saturday
Doc Vega posted blog posts
Friday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted