BlackBerry today announced massive job cuts amidst a large loss for its second fiscal quarter. The company expects to write down $1 billion in unsold Z10 smartphone inventory and post a loss of between $950 and $995 million. The company said it sold 3.7 million devices during its second fiscal quarter, but the bulk of them were its older BlackBerry 7 devices, and not its new BlackBerry 10 smartphones. As a result, it will layoff 40% of its global work force, or about 4,500 employees. After the cuts, BlackBerry will be left with 7,000 employees, about half what it was two years ago. Further, BlackBerry said it plans to make changes to its business. The company said it will "refocus on the enterprise and prosumer market." It will consolidate its hardware portfolio from six devices to four, including two high-end devices and two entry-level devices. BlackBerry announced earlier this month that it is exploring its strategic options, including a sale of the company, whether in parts or as a whole.