BlackBerry Ltd. said Monday that it plans to cut more jobs in its cybersecurity business as part of the company’s push toward profitability.
The cuts are a major piece of BlackBerry’s
BB,
ongoing plans to separate its Internet of Things and cybersecurity businesses as standalone divisions and reduce annual costs by about $50 million.
The actions are largely focused on the cybersecurity business and approximately 200 layoffs that will generate annual savings of around $27 million.
As part of the austerity program, BlackBerry said it has exited six of its 36 global office locations, including in San Ramon, Calif., in moves which are expected to shave $7 million.
The company expects to lower operating-cash use in the current fiscal year and anticipates becoming operating-cash-flow positive by the fourth quarter of fiscal 2025.
Shares of BlackBerry have plunged 33% over the past 12 months.
This story originally appeared on Marketwatch
