(NEW YORK) — BlackBerry announced Monday it has laid off 120 workers in the Waterloo, Ontario, area. These employees were part of BlackBerry’s product development and wireless technology teams.
This round of layoffs, according to the statement from the company, is part of a 40-percent workforce reduction announced in September last year and it is expected to take effect in May of this year.
“We recognize our local employees’ hard work on behalf of our company and the difficulty of this news. And we will do everything in our power to treat our employees with compassion, while offering support during this time of transition,” the company said in a statement Monday.
BlackBerry shares declined just over 2 percent on the news. It’s been a rough three years for investors in the stock — shares in that time have plummeted more than 80 percent.
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Madison Park, Keith Allen and Andreas Preuss, CNN