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    SAN FRANCISCO (MarketWatch) -- BlackBerry Ltd. (BBRY) warned Friday afternoon that its revenues for the second fiscal quarter will come in far below Wall Street's expectations, due to slumping sales of its newest smartphones. The company said it expects to report revenue of about $1.6 billion for the quarter, compared to $3.04 billion that was expected by analysts, according to consensus estimates from FactSet. It also expects a GAAP net operating loss in the range of $950 million to $995 million for the quarter, with about 3.7 million smartphones shipped in the period. BlackBerry also said it intends to focus on the enterprise and "prosumer" market, so will reduce its planned future device portfolio from 6 handsets to 4, which will include 2 high-end devices and 2 entry-level products. The company also confirmed that it plans to lay off 4,500 employees; that news leaked out earlier in the week. BlackBerry shares were halted Friday afternoon, down 2.4% to $10.27 before the news.

    Not so good...

    The RIMpire fights back!

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