Research in Motion has confirmed that it will delay the launch of its new Blackberry operating system and axe 5,000 jobs.
The firm reported a $518 million (£334m) net loss for the three months to June 2nd. RIM made a profit of $695 million in the same period a year earlier.
The first phone with Blackberry 10 was expected later this year, but is now set for a Q1 2013.
"Our first quarter results reflect the market challenges I have outlined since my appointment as CEO at the end of January," said RIM boss Thorsten Heins.
"I am not satisfied with these results and continue to work aggressively with all areas of the organisation and the board to implement meaningful changes to address the challenges, including a thoughtful realignment of resources and honing focus within the company on areas that have the greatest opportunities.
"Our top priority going forward is the successful launch of our first Blackberry 10 device, which we now anticipate will occur in the first quarter of calendar 2013."
The jobs cuts are part of a previously announced initiative to cut $1 billion in annual costs. They represent around 30 per cent of RIM's workforce, which is currently 16,500.
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