In line with yesterday’s WSJ report, BlackBerry announced that it will cut 4,500 jobs as part of a plan to reduce its operating expenditures over the next year. Furthermore, the struggling Canadian company is expected to post a loss of almost $1 billion in the fiscal Q2 of 2014.

The eye-watering loss is a result of lackluster sales of the BlackBerry Z10 smartphone. The company will take a hit against inventory and supply commitments involving the failed smartphone. Going forward the device will be priced to appeal to “entry-level” audience, thus leaving the freshly announced BlackBerry Z30 as the company’s flagship.

In order to make its way out of the woods, BlackBerry will reduce its portfolio to four devices – two high-end and two entry-level ones. Future products will be focused away from the mainstream consumers, back to the company’s former stronghold – the enterprise and prosumer user base.