Quick Take: Smartphone Maker Meizu Cuts 10% of Staff
Meizu Technology Co. Ltd., the smartphone maker backed by e-commerce giant Alibaba Group Holding Ltd., said on Wednesday it has cut about 10% of its workforce since the start of this year, as it prepares for an initial public offering (IPO).
A company spokesman confirmed the cuts and IPO plan, but did not provide any other specifics, including the size of the company’s current workforce or a timetable or location for an IPO.
The job cuts “were part of an effort to show the world we’re prettying up ourselves,” he said. “We’re doing this to raise our organizational efficiency and concentrate our core businesses in preparation for an IPO.”
Meizu is a midsize player in China’s crowded smartphone market, which has been caught in a state of cutthroat competition for the last two years as players jockey for share. The company sold about 20 million smartphones last year, mostly in China. By comparison, the top five players in China, led by Oppo Electronics Co. and Huawei Technologies Co. Ltd., all sold more than 40 million smartphones in the country last year, according to data tracking firm IDC.
Meizu does not disclose financials, but the spokesman said the company was profitable last year. Two years ago, Meizu sold an unspecified minority stake in itself to Alibaba for $590 million.
Contact reporter Yang Ge (firstname.lastname@example.org)
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