17 jobs lost as US software firm Entropic shuts Belfast base
The Belfast branch of a US-based software company Entropic is closing with the loss of 17 jobs.
Entropic, which is headquartered in San Diego and manufactures chips for set-top boxes for cables and satellite TV providers, announced a 40% axing of its global operations, including the Malone Road office.
The Northern Ireland base is among offices in San Jose in California and Shanghai in China that have now been earmarked for closure.
The news comes as the company suffered a dip in its profits, posting millions of dollars in losses within the past year.
Dr Ted Tewksbury, Entropic interim president and chief executive, said: "To advance its refocused strategy, Entropic is implementing a restructuring plan that it expects to substantially complete within the current quarter.
"The restructuring plan is expected to result in a workforce reduction of approximately 200 positions, constituting approximately 40% of Entropic's global workforce and includes closing facilities in Shanghai, China, Belfast, Northern Ireland and San Jose, California." In its most recent trading update, the tech firm revealed its third quarter net revenues of $43.2m (£27.2m) were down from $50.2m (£31.6) in the second quarter and had slumped from $56.4m (£35.5) in the third quarter of last year.
Entropic's update further revealed that its quarterly net loss was $27.6m (£17.3).