Blackberry has announced it is planning to cut 4,500 jobs, or 40% of its worldwide workforce, in an attempt to staunch huge losses.
The smartphone maker said it anticipated a loss of as much as $995m (£621m) when it reports its second-quarter earnings next week.
Shares in the firm closed down 17% after briefly being halted following the announcement.
In August, the Canadian company said it was evaluating a possible sale.
In a statement on Friday, Blackberry's chief executive Thorsten Heins said: "We are implementing the difficult, but necessary operational changes announced today to address our position in a maturing and more competitive industry, and to drive the company toward profitability."
"Going forward, we plan to refocus our offering on our end-to-end solution of hardware, software and services for enterprises and the productive, professional end user." Thorsten Heins said.
