Drone manufacturer Yuneec International confirmed on Friday that it would lay off an undisclosed number of employees in its Americas division. The company, which had received $60 million in funding from Intel Corp.'s INTC, -1.19% venture-capital arm, said it would "scale back our business structure to a secure balance between operational costs and revenue," according to a statement issued by Yuneec. "We concluded that we upsized operations faster than our growth required." Yuneec is the latest in a series of drone companies to announce layoffs. Drone manufacturers 3D Robotics, GoPro GPRO, -1.43% , Parrot and Autel all announced layoffs in the last 12 months.