BlackBerry targets annual profit improvement through cost reductions.

BlackBerry Ltd. is aiming to achieve $100 million in annualized net profit improvements through a combination of cost reductions and margin expansion, building upon the $50 million of annualized cost-saving actions disclosed in the prior quarter. The company is undergoing further headcount reductions in its cybersecurity business, aiming for annualized savings of about $27 million and non-headcount actions an additional $8 million. In addition, BlackBerry has exited six of its 36 global office locations to achieve annualized savings of about $7 million. The company is making progress in establishing its IoT and Cybersecurity business units as standalone divisions, with Alvarez & Marsal appointed as management consultants to assist in the process.

February 12, 2024
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