BlackBerry smartphone maker Research in Motion Limited reported worse-than-expected sales results and will cut 5,000 jobs, the company said Thursday.
Research in Motion stock was pummeled after the announcement; it fell $1.61, or nearly 18%, after it resumed trading. Trading the stock was halted pending the earnings release.
The company also said it is delaying the release of its anticipated BlackBerry 10 smartphone, on which it has pinned much of its hopes for recovery.
Research in Motion posted a net loss of $518 million, or 99 cents per share for the quarter ending June 2, the company said Thursday.