200 RIM jobs cut in Waterloo: report
Research In Motion has cut 200 jobs from its Waterloo, Ont., operation, just days after a disappointing earnings report from the smartphone maker, according to local media reports.
Radio station 570 News reported Tuesday that 200 people were given layoff notices the day before. Most of the layoffs were in manufacturing, the station said.
Jim Balsillie, co-CEO of the Waterloo-based company, recently said that any jobs to be cut would not be in areas critical to growth, such as research and development.
After a request for comment, RIM would neither confirm nor deny the layoffs.
RIM announced job cuts plans last week in a bid to keep up with rival smartphone makers. That was before the company put out disappointing quarterly earnings that showed profitability slowing on Thursday. The company lowered its own annual guidance for revenue this fiscal year.
RIM shares fell more than 20 per cent on Friday in reaction to the news. They slid another six per cent on Monday to close at $25.41 on the Toronto Stock Exchange.