Struggling smartphone maker RIM has announced dire quarterly results and plans to cut about thousands of jobs worldwide.

RIM reported a staggering $518 million loss in Q2. During the same period last year, the outfit was $695 million in the black. What’s more, RIM managed to ship just 7.8 million BlackBerry phones in Q2, down from 13.2 percent a year earlier.

The company will also delay the introduction of new phones based on the BlackBerry 10 OS, pushing them back to 2013. Hopefully RIM will still be around by then, as the company announced plans to cut as many as 5,000 jobs, or roughly a third of its workforce.