Blackberry released a statement on Friday saying that it expects to report an operating loss of almost $1 billion in the coming days. According to The Wall Street Journal, Blackberry overestimated the number of new phones it would sell and is facing an “inventory charge of as much as $960 million and a restructuring charge of $72 million.” Specifically, the company said that it would likely report a loss of $950 million to $995 million for the second quarter.

Earlier this week we reported that Blackberry was planning to lay off up to 40 percent of its employees, taking the company from 12,700 full-time employees to about 7,620 employees. The WSJ reported today that 4,500 people will be laid off, lower than earlier estimates. (Is that a silver lining we see?)

The Canadian company also reported today that it only sold 3.7 million smartphones in the last quarter, most of which were older phones. To stem the bleeding, Blackberry said that going forward, its “smartphone portfolio will transition from 6 devices to 4; focusing on enterprise and prosumer-centric devices, including 2 high-end devices and 2 entry-level devices.” As Quartz writer Christopher Mims wrote, it's probably too late for Blackberry to turn around its share of the enterprise market given the latest moves made by Apple and Samsung to get their hardware into the hands of businesspeople.

According to IDC, Blackberry now has about three percent market share for smartphones, down from over 50 percent in the company's heyday. Blackberry share prices were down over 20 percent today after the company released its warning.