Chinese telecom equipment maker ZTE begins layoffs across departments

The job cuts will also reportedly impact senior employees who have worked for the company for more than 10 years

Layoff
Image via Shutterstock
IANS Beijing
2 min read Last Updated : Feb 21 2023 | 11:08 AM IST

Chinese telecom equipment provider ZTE has reportedly started layoffs across departments, including wireless research institutes, terminals and other verticals.

According to a report in China Star Market, several employees were notified about their layoffs before the end of February.

"Some departments of the Wireless Research Institute are laying off 10-20 per cent of their staff. In addition, the terminal business department is also the focus of the layoffs," the report said, quoting a ZTE employee.

The job cuts will also reportedly impact senior employees who have worked for the company for more than 10 years.

"A software development engineer who has been in ZTE for more than 10 years is also on the list this time. The layoffs ratio in my department has exceeded 10 per cent and more layoffs will continue later,a another employee was quoted as saying.

According to the report, the company took the decision to sack employees due to over-recruitment last year.

A ZTE spokesperson said that this is a "normal personnel adjustment and reshuffle" like every year and that there has been no obvious change this year.

ZTE reported an operating income of 92.559 billion yuan ($13.5 billion) in the first three quarters of last year, up 10.42 per cent year-on-year.

The net profit was 6.82 billion yuan, up 16.52 per cent year-on-year.

On February 17, ZTE announced the plan to reduce the holdings of the chairman of the board of supervisors.

--IANS

na/svn/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :ZTEchinese companiesChina

First Published: Feb 21 2023 | 11:08 AM IST

Next Story