In an effort to stem the ever encroaching tide of disappointment, Blackberry maker RIM said it will be starting a new restructuring plan and that 5,000 employees will be laid off as a result.
The smartphone maker has suffered numerous setbacks and product launch failures as it struggled to keep up with Apple's iPhone and Google's Android OS smartphones and tablets.
RIM profits were down again on year-over-year earnings, and losses were higher than analysts expectations of $.07 per share, instead loosing $.30 cents per share.
"I am not satisfied with these results and continue to work aggressively with all areas of the organization 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," RIM's CEO Thorsten Heins said.
RIM is reportedly in discussions with J.P. Morgan and RBC to find a suitable and capable buyer of the troubled electronics maker based on Ontario Canada.
The company has bet a lot of the upcoming release of its newest OS, Blackberry 10. Critics have said that if the Blackberry 10 ends up a failure, the company has little choice but to put itself up for sale or close up shop and wear thick skin on the way out.