BlackBerry refocuses on corporate market that first brought it success

BlackBerry, facing mounting losses and dwindling buyout prospects, is slashing its workforce and product line and refocusing on the market that first brought it success: corporate customers. The company said last week it is cutting 4,500 jobs and taking a writedown of as much as $960 million for unsold inventory of its Z10 phone, a touch-screen unveiled in January as its answer to the iPhone.

Chief executive Thorsten Heins had bet the Z10 would become BlackBerry's new flagship, restoring cachet and prosperity to the one-time smartphone leader. The model fizzled with consumers and contributed to the company's weakest quarterly sales in six years.

Attempts to find an acquirer have been fruitless so far. With no immediate prospects of a white knight, the company has no choice but to zero in on business customers – (Bloomberg)