BlackBerry just announced that it plans to cut 4,500 jobs.
It also said it only shipped 3.7 million smartphone last quarter, which is dismally low.
The company pre-announced earnings, saying it had a net operating loss of $995 million in Q2 this year.
BlackBerry says it will cut operating expenditures by 50% by 2015.
BlackBerry shares are tanking, down about 20%.