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.
It generated $2.8 billion in sales, down 43% from the same period last year.
Once Canada's most valuable company, Research in Motion's popularity among consumers has fallen precipitously on the rise of Apple and Android phones. RIM's U.S. market share has fallen to 12.3%, according to a report last month from ComScore. That figure was 43% just two years ago.
In May, the company hired two investments firms to help consider options, including the possibility of putting itself up for sale.
The company began laying off employees as a part of its $1 billion cost-saving plan last week.