BlackBerry set to lay off 4,500 employees

BlackBerry will lay off 4,500 employees, or 40% of its global workforce, as it reports a nearly $1 billion second-quarter loss in a surprise early release of earnings results. The stock dropped 19% to $8.50 after reopening for trading. Being hammered by competition from the iPhone and Android-based rivals, the company said it would refocus its efforts on the enterprise.