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smuncky
Architect
Registered: Dec 2003
Location: richmond hill, ontario, canada
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May-31-2011 02:59
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spiderpig
Senior tranceaddict
Registered: Dec 2007
Location: toronto
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The dominoes are falling. Execs jumping ship, now the layoffs.
Hate hearing this about Canadian companies, but these guys had every opportunity to right their ship and for some reason, they couldn't, i'm sure there are hundreds of reasons, but i'm just not sure how they are going to recover...
http://www.thestar.com/business/com...n-waterloo?bn=1
WATERLOO — Four days after announcing it would reduce its workforce, Research In Motion started cutting jobs in Waterloo on Monday.
A number of employees received layoff notices after arriving for work. There were reports that as many as 200 employees were let go, but those numbers could not be confirmed.
Jamie Ernst, a spokesperson from RIM, said in an email Monday evening that he didn’t have any details about job cuts beyond what was announced Thursday during a conference call the company held to discuss its first-quarter financial results.
RIM said during the call that it would launch a “cost-optimization program” during the current quarter. It said it would focus on removing redundancies and reallocate resources toward the highest growth opportunities and new product introductions.
The company employs 17,500 globally, including about 9,000 in more than 25 buildings in Waterloo Region.
News of the job cuts came after RIM reported disappointing financial results. Its revenue in the three months ended May 28 fell 12 per cent to $4.9 billion US from $5.6 billion US in the same period a year ago.
Its first-quarter profits dipped to $695 million US from $769 million US in the first quarter a year ago.
The company, which has seen the market share for its BlackBerry smartphones fall as Apple and Android-powered phones make gains, also trimmed its sales forecast for the second quarter.
RIM shares closed down another six per cent Monday, closing down $1.83 at $25.41 on the Toronto Stock Exchange.
RIM shares had fell nearly 20 per cent on Friday.
Until Friday RIM shares hadn’t been below $30 on a split-adjusted basis since August 2006.
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Jun-21-2011 15:33
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