BlackBerry is planning to reduce 40% of its staff in the wake of sinking revenues and market loss to Apple and Samsung, according to a Wall Street Journal report. It employed 12,700 people as of March, and once had almost 20,000 employees.

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The report said layoffs will happen across job functions and likely occur in waves. Blackberry once dominated the corporate smartphone market.  The struggling Canadian handset maker on Wednesday introduced the new BlackBerry Z30 smartphone.

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The company, according to Reuters declined to comment on the Journal's report or the magnitude of potential layoffs.

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"We will not comment on rumors and speculation," Reuters quoted BlackBerry spokesman Adam Emery as saying. "We are in the second phase of our transformation plan. Organizational moves will continue to occur to ensure we have the right people in the right roles to drive new opportunities."

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