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Trina Solar Ltd. said Tuesday that it is cutting an undisclosed number of jobs as part of a broader cost-saving initiative.

The Chinese solar panel maker said that in order to overcome increasingly intense competition, it will cut jobs, reduce its operating expenses and separate two of its business lines into their own units.

Trina Solar CEO Jifan Gao said the measures will enhance the company's ability to respond to customers' needs and to new business opportunities.

The company reported its fourth-straight quarterly loss in August. Trina, like most of the world's solar panel makers, has seen revenue plummet because a glut in solar panels has hurt pricing.

Its U.S.-traded shares increased 13 cents, roughly 3 percent, to close at $4.23. They have lost 59 percent in the past year.

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