Steve Kovach on BlackBerry’s just-announced preliminary Q2 2014 results:

BlackBerry just announced that it plans to cut 4,500 jobs.

It also said it only shipped 3.7 million smartphone last quarter, which is dismally low.

The company pre-announced earnings, saying it had a net operating loss of $995 million in Q2 this year.

BlackBerry says it will cut operating expenditures by 50% by 2015.

BlackBerry shares are tanking, down about 20%.

Someone just unclogged the drain at BlackBerry. It won’t be long now.

Next question.