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RIM is on track to see $1 billion in cost-savings by the end of its fiscal year, a feat made possible by a series of layoffs that will affect approximately 5,000 employees. RIM began laying off employees in June, and said it expects to complete its reductions by the end of its fiscal year.
"It is difficult for the company to go through some of the decisions we had to make, but these things are essential as the company complete the transition to BlackBerry 10," Heins said. "We are in the midst of building a leaner and stronger organization."
RIM has taken a nose dive in the smartphone market over the past four years, facing increasingly steep competition from Apple and Google. According to Gartner, BlackBerry smartphones accounted for 15.2 percent of the global market during the second quarter of 2008. This year, RIM's market share came to a halt at just 5.2 percent during the second quarter, compared to the 64.1 percent held by Android-based phones and the 18.8 percent held by iOS-based phones.