Canada’s BlackBerry to lay off more staff in cost-cutting drive

Canada’s BlackBerry said on Monday it was targeting an additional increase of $100 million in its annual profit as the cybersecurity firm slashes costs, including reducing workforce.

The company’s new target is in addition to a $50 million annualized cost reduction plan announced and 200 job cuts in the prior quarter.

The company, which also makes the QNX and IVY platforms used in automotive applications, in December scrapped its initial public offering (IPO) plans for its Internet of Things (IoT) business, but still expects to split the IoT and cybersecurity businesses into fully standalone divisions.