4,500 Blackberry Employees to Be Laid Off

Feeling guilty about your fancy new iPhone yet? An overabundance of unsold smartphones have cost BlackBerry Ltd. almost $1 billion in its fiscal second quarter and will result in 4,500 of the company's employees losing their jobs. In a statement released Friday, the company said it was expecting operating losses of about $950 million to $995 million for the quarter. Only 3.7 million BlackBerry smartphones were sold in the latest quarter, according to the statement, most of which were older phones, not the two flagship new phones that were unveiled in January. The company's shares also went down on Friday about 17% to $8.73.