NAND flash controller IC design house Skymedi has confirmed a report by the Chinese-language Economic Daily News (EDN) that the company laid off almost two thirds of its employees as of the end of November.
Skymedi indicated its workforce has shrunk to 18 employees from 48, a 62.5% cut. The job cuts were made to save costs and to meet the future operations management needs.
Skymedi began trading on the Taiwan over-the-counter (OTC) bourse in November 2011. Samsung Electronics had once been the largest shareholder of Skymedi, but started disposing of its Skymedi shares in early 2013, according to previous reports.
Skymedi slipped into the red in 2012, and has remained unprofitable since. The company posted net losses of NT$9.57 (US$0.29) per share for the first three quarters of 2015.
Samsung used to be Skymedi's largest customer. Falling orders from Samsung were identified as the major factor behind Skymedi's poor performance in recent years.
