BlackBerry is trying to cut its expenses by 50%, they have already reported to release 4,500 employees by the end of Q1 Fiscal 2015 in efforts to reduce its operating expenditures, now it seems like via their SEC filing and their decline in emerging markets they are looking to get rid of some real estate, Waterloo offices specifically, around 20 offices within the next three quarters.
BlackBerry has asked for ideas that would generate the largest possible return from its real estate in as little time as possible, through a confidential process begun last week, therefore real estate firms are currently putting a value onto these offices owned by BlackBerry.
“The smartphone market is maturing, resulting in lower growth rates, particularly in the high-end segment of the market,” BlackBerry said in its regulatory document.
“The company has experienced a decline in demand for its products and in its overall market share,” it added in the filing.
“The intense competition impacting the company’s financial and operation results that previously affected demand in the United States market is now being experienced globally, including in international markets where the company has historically experienced rapid growth.” – Globe and Mail
As the latest report disappoints and is unfortunate BlackBerry must do what it has to do in order to survive, many companies have gone through hardships like this, it’s business.