BlackBerry, a Canadian cybersecurity firm, has announced that it is aiming to increase its annual profit by an additional $100 million by cutting costs, which includes reducing its workforce. This is in addition to the already announced $50 million of annualized cost reductions and 200 job cuts in the previous quarter.
The company has also decided to split its IoT and cybersecurity businesses into fully standalone divisions, although it has scrapped its initial public offering (IPO) plans for its IoT business. BlackBerry has already established leadership teams for both divisions and is currently working with a leading consulting firm to separate the units. The company also plans to cut costs further in the current quarter by laying off more employees in its cybersecurity business, which is expected to save around $27 million annually.