Canada’s former smartphone leader Research in Motion announced Monday it will eliminate 2,000 jobs. The Waterloo, Ont.-based company will be cutting about 11 per cent of its workforce worldwide. That’s bad news for commerce and engineering graduates in Waterloo Region whom were often hired by the company upon graduation.
The BlackBerry maker said in a statement that the layoffs are a “prudent and necessary step for the long-term success of the company.” RIM’s first quarter profits fell 10 per cent this year, while its market share dropped nearly five per cent. Analysts attribute the company’s losses to its inability to keep up with competitors Apple and Google. After RIM cuts the jobs, it will continue to employ 17,000 people worldwide.