The US-based equipment manufacturer UTStarcom has seen its share price plummet by a third on the back of a 30% drop in quarterly profits. The vendor blamed a slump in its key market of China for the fall in first-quarter profit to USD38 million from USD54.8 million a year ago. The company says sales of PAS limited mobility handsets in China are slowing quicker than it expected, although it added that sales from outside China are growing. Non-Chinese sales accounted for almost 75% of UTStarcom’s quarterly revenue of USD901.8 million, up from just 9% of last year’s first-quarter revenues of USD622.3 million. The firm revealed that it is to slash its workforce by 17% during the current quarter in an effort to cut costs.