Time 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.