Reporting loss for quarter, Maxar says it made cost cuts that 'affected several hundred' jobs

May 10, 2019 at 10:19 AM

Maxar Technologies this week said it "engaged in significant cost reductions" during the most recent quarter.

"We are reducing our cost structure, which should improve profitability over time and help us with our debt and leverage situations," Daniel Jablonsky, the company's chief executive, told analysts in a call Thursday evening. "This quarter, we engaged in significant cost reductions that, unfortunately, affected several hundred of our colleagues."

"This is never easy," he added, "but it was a necessary step as we try to right the ship."

Last quarter, Maxar said it had implemented an organizational restructuring to save $60 million to $70 million a year.

Meanwhile, Maxar said today sales in its most recent quarter reached $504 million, down almost 10% from the same three-month period a year earlier.

The company reported a quarterly loss of $59 million, down from $15 million in profit the prior year.

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