RIM shares down as job cuts start
Posted June 20, 2012 9:09 am.
This article is more than 5 years old.
TORONTO (NEWS1130) – BlackBerry maker Research in Motion Ltd. (TSX:RIM) has begun cutting jobs in a bid to save $1 billion.
Shares of RIM were trading lower today, following news of the cuts. The company says it’s looking for at least $1 billion in savings by the end of its 2013 financial year.
RIM adds it has reduced some positions as part of this and may cut more as it continues a review of the business.
The company employs 16,500 people across its global operations, which include several outposts in Canada.
Last July, RIM laid off about 11 per cent of its workforce, or 2,000 employees, marking the biggest employee reduction in its history.
