Canada’s BlackBerry to lay off more staff in cost-cutting drive

By Thomson Reuters Feb 12, 2024 | 6:26 PM

(Reuters) – Canada’s BlackBerry said on Monday it was targeting an additional increase of $100 million in its annual profit as the cybersecurity firm slashes costs, including reducing workforce.

The company’s new target is in addition to a $50 million annualized cost reduction plan announced and 200 job cuts in the prior quarter.

The company, which also makes the QNX and IVY platforms used in automotive applications, in December scrapped its initial public offering (IPO) plans for its Internet of Things (IoT) business, but still expects to split the IoT and cybersecurity businesses into fully standalone divisions.

Leadership teams for both divisions have been established, BlackBerry said, adding that it is in talks with a leading external consulting firm with the unit separation in progress.

It added that the company is reducing costs further in the current quarter, with additional layoffs in the cybersecurity business, which is set to provide yearly savings of about $27 million.

(Reporting by Akash Sriram in Bengaluru; Editing by Sherry Jacob-Phillips)