TORONTO -- Research In Motion Limited (TSX:RIM) said Thursday that it is cutting 5,000 jobs as it restructures it operations and that the launch of its much anticipated BlackBerry 10 smartphone will not happen until the beginning of next year.
The launch of the new smartphones, seen as key to the recovery of the company, had been expected later this year and will now miss the important holiday shopping season.
"I am not satisfied with these results and continue to work aggressively with all areas of the organization and the board to implement meaningful changes to address the challenges,'' said chief executive Thorsten Heins in a release.
"Our top priority going forward is the successful launch of our first BlackBerry 10 device, which we now anticipate will occur in the first quarter of calendar 2013.''
The company announced the cuts and delays as it reported a loss of $518 million or 99 cents per share for its latest quarter. The loss compared with a profit of $695 million or $1.33 per share a year ago.
Revenue for the three months fell to $2.81 billion from $4.91 billion.
Excluding one-time items including a non-cash charge to goodwill, the company said it lost $192 million or 37 cents per share diluted.
During the quarter, RIM shipped 7.8 million BlackBerry smartphones and approximately 260,000 BlackBerry PlayBook tablets.
In its outlook, the company said it expects the next several quarters to continue to be very challenging for its business.
RIM said it expects to report an operating loss in the second quarter of fiscal 2013, as RIM continues to invest in marketing programs and continues to work through the transition to BlackBerry 10.