BlackBerryTime is running out for BlackBerry. The company announced on Friday that it is cutting 4,500 jobs and that it will report a net operating loss of nearly $1 billion in its next quarterly earnings report. The company also braced investors for a major quarterly revenue miss and said its preliminary earnings results show that it generated $1.6 billion in sales on the quarter, or nearly half of Wall Street expectations of $3.06 billion. The company only sold around 3.7 million smartphones on the quarter, a huge drop from the 6.8 million smartphones it sold in the previous quarter. What’s more, the company said it was taking a pretax charge of at least $930 million on unsold inventory, mostly on unsold BlackBerry Z10 units. The company plans to cut its operating expenditures in half by the first quarter of 2015.

Read the full story at Boy Genius Report.

Get Briefed Every Day!

Subscribe to my daily newsletter featuring current events and the top stories in technology, media, and marketing.