Menu
Qualcomm flags job cuts in $1B cost reduction drive

Qualcomm flags job cuts in $1B cost reduction drive

Qualcomm said it offered affected employees severance packages

Qualcomm has begun cutting jobs as part of its promise to investors to cut annual costs by US$1 billion, the chipmaker has said.

"Qualcomm is conducting a reduction of our full-time and temporary workforce," a company spokesperson who declined to be identifies said, without disclosing the exact numbers of job cuts.

Though the company first evaluated non-headcount expense reductions, it concluded that a workforce reduction is needed to support long-term growth and success, the spokesperson said.

Qualcomm said it offered affected employees severance packages. It employed about 33,800 full-time, part-time and temporary employees, as of 24 September.

Bloomberg, which first reported the layoffs, said the size of the job cuts is large enough that Qualcomm will have to file a WARN notice, or Worker Adjustment and Retraining Notification, with the state of California.

Qualcomm had in January said it would implement a series of targeted reductions across businesses to save $1 billion in annual costs, as part of its attempt to win over investors support against a hostile bid from rival Broadcom.

The bid, however, was canceled by the Trump administration on national security grounds.

The chipmaker has been ramping up its operations since then to improve earnings growth.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur and Cynthia Osterman)


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags qualcomm

Featured

Slideshows

Malwarebytes shoots the breeze with channel, prospects

Malwarebytes shoots the breeze with channel, prospects

A Kumeu, Auckland, winery was the venue for a Malwarebytes event for partner and prospect MSPs - with some straight shooting on the side. The half-day getaway, which featured an archery competition, lunch and wine-tasting aimed at bringing Malwarebytes' local New Zealand and top and prospective MSP partners together to celebrate recent local successes, and discuss the current state of malware in New Zealand. This was also a unique opportunity for local MSPs to learn about how they can get the most out of Malwarebytes' MSP program and offering, as more Kiwi businesses are targeted by malware.

Malwarebytes shoots the breeze with channel, prospects
EDGE 2019: Channel forges new partnerships during evening networking

EDGE 2019: Channel forges new partnerships during evening networking

Partners, vendors and distributors reconnected during a number of social gatherings during EDGE 2019. The first evening saw the channel congregate for a welcome party at the Hamilton Island yacht club, while the main poolside proved to be the perfect stop for a barbecue on the final night.

EDGE 2019: Channel forges new partnerships during evening networking
Show Comments