BlackBerry has announced details regarding their "biggest, fastest and most advanced smartphone," the BlackBerry Z30, Sept. 18. At the same time, rumors are saying that the struggling company is about to lay off over 40 percent of its work force.

The company's newest smartphone, dubbed as a phablet by other reports, has finally been unveiled at a launch event in Malaysia. According to BlackBerry, the Z30 is, by far, the biggest, fastest and most advanced smartphone they have launched to date.

"The new BlackBerry Z30 smartphone builds on the solid foundation and engaging user experience of the BlackBerry 10 platform with features like the powerful BlackBerry Hub, its exceptional touchscreen keyboard and industry leading browser."

"The smartphone rounds out the BlackBerry 10 portfolio and is designed for people looking for a smartphone that excels at communications, messaging and productivity. Having apps like the full Documents To Go suite that comes preinstalled, together with its 5" touch display, the BlackBerry Z30 smartphone gives you a best in class productivity experience on the go," said Executive Vice President for Products, Carlo Chiarello, in the press release.

The company's newest smartphone is expected to hit the UK and the Middle East beginning next week. All other regions will follow throughout the holiday season, says the company. Availability, pricing and accessories will be announced by the time the product has launched.

Reports saying that the company is to lay off 40 percent of its workers were also released on the same day that BlackBerry has unveiled the Z30. According to a report, BlackBerry is "could cut up to 40 percent of its staff and the layoffs will happen across job functions and likely occur in waves."

The massive layoff is said to be due, in part, to the company struggling to keep up with rivals in the smartphone industry such as Apple, Samsung Electronics, Microsoft and Nokia.

"We will not comment on rumors and speculation. 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," Adam Emery, the company's spokesman, said in a statement regarding the rumored layoff reports.