BlackBerry To Lay Off 4,500 Employees

UPDATED: The 4,500 employees represent 40 percent of BlackBerry‘s total work force. The news today came as the company reported a nearly $1 billion second-quarter loss in an unexpected early release of earnings results. The stock dropped 19 percent to $8.50 after reopening for trading. Shares had been halted pending the news. Shares closed at $8.83, down $1.79 or 17.1 percent. BlackBerry has been hammered by competition from Apple’s iPhone as well as Android-based rivals.