BlackBerry Canada said on Monday local time that it plans to increase annual profits by another $100 million through cost-cutting measures, including layoffs. The new goal builds on previously announced $50 million in annual cost reductions and 200 job cuts last quarter.
In December, BlackBerry canceled plans for an initial public offering (IPO) of its Internet of Things (IoT) business, but still wanted to spin off its IoT and cybersecurity businesses into fully independent units.
Leadership teams for the two divisions have been formed, the company said on Monday, adding that it was in talks with a leading outside consulting firm to separate the divisions.
The company added that it will further cut costs in the current quarter with more layoffs in its cybersecurity business, which will result in annual savings of approximately $27 million.