BlackBerry debuted its Z30 phone on Wednesday as its new flagship smartphone. There’s nothing wrong with you if you missed this. Because with all of the excitement over the new iPhone that was released Friday (you can get it in gold!), it was hard to think about the technological dinosaur that is BlackBerry.
And that Z30 may have a very short life span.
On Friday, BlackBerry briefly halted its shares before announcing its disastrous second-quarter revenue results. The company’s $1.6 billion quarterly haul came in well short of investors’ expectations of around $3 billion, according to CNBC. Over the quarter, the company shipped just 3.7 million phones while racking up a net operating loss of $995 million in the second quarter.
On top of that, confirming reports from The Wall Street Journal, BlackBerry announced a massive layoff of 4,500 employees out of a total of around 12,700. That’s around 35 percent of BlackBerry’s total staff. BlackBerry isn’t even done with the worst of Friday yet, as shares are down over 20 percent as of about 4 p.m.
At the end of August, BlackBerry director Bert Nordberg told WSJ that he thought the company could survive as a “niche company,” and that there wasn’t much sense in “battling” Apple or Google. With a newly announced plan to reduce operating expenditures by 50 percent by 2015, going small doesn’t even seem like much of a choice.
BlackBerry, once the unquestioned king of the Washington, D.C., smartphone market, has even had trouble surviving in Congress over the last year. But that doesn’t mean it’ll be too easy for members of Congress and Capitol Hill staffers to just trade in their BlackBerry phones for gold iPhones. Because there’s already a long wait list.
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"American spies collected information last summer revealing that senior Russian intelligence and political officials were discussing how to exert influence over Donald J. Trump through his advisers." The conversations centered around Paul Manafort, who was campaign chairman at the time, and Michael Flynn, former national security adviser and then a close campaign surrogate. Both men have been tied heavily with Russia and Flynn is currently at the center of the FBI investigation into possible collusion between the Trump campaign and Russia.
"Former FBI Director Robert Mueller has been cleared by U.S. Department of Justice ethics experts to oversee an investigation into possible collusion between then-candidate Donald Trump's 2016 election campaign and Russia." Some had speculated that the White House would use "an ethics rule limiting government attorneys from investigating people their former law firm represented" to trip up Mueller's appointment. Jared Kushner is a client of Mueller's firm, WilmerHale. "Although Mueller has now been cleared by the Justice Department, the White House may still use his former law firm's connection to Manafort and Kushner to undermine the findings of his investigation, according to two sources close to the White House."
Senate Intelligence Committee chairman Richard Burr (R-NC) and ranking member Mark Warner (D-VA) will subpoena two businesses owned by former National Security Advisor Michael Flynn. Burr said, "We would like to hear from General Flynn. We'd like to see his documents. We'd like him to tell his story because he publicly said he had a story to tell."