BlackBerry's Stock Falls 2% As Company Confirms Job Cuts

Shares of BlackBerry Ltd BBRY were trading lower by more than 2 percent early Monday morning after the company confirmed it plans on initiating large-scale job cuts. Mobile Syrup, an independent media source that covers mobile technology news in Canada, reported on Friday that BlackBerry has fired approximately 1,000 employees in both Canada and the U.S. BlackBerry confirmed in a statement over the weekend that approximately 200 employees, not the previously suggested 1,000 figure, have been impacted by a headcount reduction as part of a turnaround plan. "As BlackBerry continues to execute its turnaround plan, we remain focused on driving efficiencies across our global workforce," BlackBerry said in a statement. "This means finding new ways to enable us to capitalize on growth opportunities, while driving toward sustainable profitability across all parts of our business. As a result, approximately 200 employees have been impacted in Canada and Florida. It also means that BlackBerry is actively recruiting in those areas of our business that will drive growth. For those employees that have recently left the company, we know that they have worked hard on behalf of our company and we are grateful for their commitment and contributions."