RIM announces layoffs

RIM, which makes the popular BlackBerry handheld device, said the layoffs would help it trim costs. Although the company expects to take a pretax charge of $8 million to $9 million in the third quarter, the cuts should save the company $20 million to $25 million.

RIM had 2,200 employees worldwide at the beginning of November.

"In order to solidify our position and achieve our financial targets, we are moving ahead with a difficult, yet strategically important, decision to tighten operational efficiencies and adjust our current staffing level," co-CEO Jim Balsillie said in a release. "We believe this streamlining will prove to be a prudent move for RIM in both the near term and the long term."

In its most recent quarter, RIM lost $14.3 million, or 18 cents per share, on sales of $73.4 million. The company is pushing several new product launches, and warned analysts that the launches could hurt sales.

Last month, RIM released new BlackBerry handhelds that can move among next-generation networks in Europe, Asia and North America.. In addition, it recently signed licensing deals with Nokia, Palm and Handspring.