Beleaguered RIM begins axing jobs in Waterloo

“Four days after announcing it would reduce its workforce, Research In Motion started cutting jobs in Waterloo on Monday,” The Record reports.

MacDailyNews Take: Amateur hour is over.

“A number of employees received layoff notices after arriving for work,” The Record reports. “There were reports that as many as 200 employees were let go, but those numbers could not be confirmed. The company employs 17,500 globally, including about 9,000 in more than 25 buildings in Waterloo Region.”

MacDailyNews Take: Waterloo, indeed.

The Record reports, “News of the job cuts came after RIM reported disappointing financial results. RIM shares closed down another six percent Monday, closing down $1.83 at $25.41 on the Toronto Stock Exchange. RIM shares had [fallen] nearly 20 percent on Friday. Until Friday RIM shares hadn’t been below $30 on a split-adjusted basis since August 2006.”

Read more in the full article here.

MacDailyNews Take: iPhone, killer.

Good luck to those affected. May you next find gainful employment at a well-managed, innovative high tech firm for a change.

Start here:

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

Related articles:
RIM half-CEOs: What did you know and when did you know it? – June 20, 2011
Former RIM employee: Company ‘brims with hubris’; ‘culturally blind’ to consumers – June 17, 2011
Beleaguered RIM misses on revenue, announces layoffs – June 16, 2011


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