Thousands more jobs lost as 1$ Billion cuts loom

RIM (Blackberry) is to cut thousands more jobs as it aims to cut back operating costs by over 1$ Billion. Blackberry posted a $US192 million loss, the first loss in 8 years, which prompted the cutbacks.

Blackberry sales have dropped by almost 40% in 12 months, to just over us$3 Billion this year and about 50% fewer handsets were being shipped than a year ago. The RIM price per share has fallen by around 70% over the past 12 months and further declines in the share price is expected.