Blackberry maker Research in Motion (RIM) has said it will cut 5,000 jobs and will delay the launch of its new phone operating system.
The confirmation of job losses, which RIM had warned of last month, came as the firm reported a $518m (£334m) net loss in the three months to 2 June.
That compared with a $695m profit in the same period a year earlier.
Revenue fell 43% to $2.8bn as sales of its Blackberry smartphones fell sharply for a second straight quarter.
"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."
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