BlackBery CEO signals end to restructuring - report

BlackBerry has concluded its restructuring process and is back on a growth footing, according to an internal memo to all its employees viewed by Reuters. CEO John Chen said in the memo that the restructuring notification process was over and the job cuts started three years ago have come to an end. "More importantly, barring any unexpected downturns in the market, we will be adding headcount in certain areas such as product development, sales and customer service, beginning in modest numbers," said Chen, who personally thanked those that have stayed with the company through the process. 

BlackBerry has shrunk its workforce by around 60 percent over the past three years amid a sharp fall-off in sales of its smartphones due to increased competition. Chen became CEO eight months ago and has moved to stabilize the company by selling non-core assets, partnering to make the company's manufacturing and supply chain more efficient, and raising cash via the sale of real estate. BlackBerry is refocusing to work more on services such as security and mobile device management rather than handsets. 

In the memo, Chen told employees that he believes BlackBerry is now well on its way to recovery and that he is confident the company will meet its goal of being cash flow positive by the end of the current fiscal year. In addition, the company is now in a position to make strategic acquisitions to strengthen areas that are likely to drive future revenue growth, the CEO said.