BlackBerry (BBRY) said the 4,500 employees it is laying off by the end of the year will cost $400 million — four times as much as the company had previously expected. That’s particularly bad news, since BlackBerry is racking up giant quarterly losses and rapidly burning through its cash.
The company is also quickly losing its appeal in key markets. BlackBerry said Wednesday that customers in typically loyal international markets are switching allegiances to Google (GOOG, Fortune 500) Android devices.
BlackBerry also said consumers are looking for devices with the largest number of apps. That’s definitely not BlackBerry’s forte.
Especially not when 40% of those BlackBerry apps are crapware from a single “developer.”
This news has got to have Fairfax Financial rethinking their $4.7 billion dollar offer to take the company private.