Qualcomm reportedly begins layoffs to cut $1B in costs

Qualcomm Cutting Jobs to Live Up to Promise of Slashing Costs
Qualcomm reportedly begins layoffs to cut $1B in costs

20 April, 2018

As of September 24, 2017, San Diego-based Qualcomm employed close to 34,000 employees worldwide, including full-time, part-time, and temporary staff.

The company went on to specify that it plans to offer severance payments to those affected.

$80 billion chipmaker Qualcomm began layoffs on Wednesday as part of an effort to reduce its spending by $1 billion, the company confirmed. It has been reported that the company is cutting jobs for both its temporary and full time employees, after evaluating the option of non-headcount expense reduction.

The exact scope of the layoffs should become more clear in coming days as the chipmaker files the Worker Adjustment and Retraining Notification notices it's obligated to issue under California law.

A Qualcomm spokeswoman declined to say how many jobs would be cut.

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Despite Broadcom's failure to acquire Qualcomm, the chip maker is still accountable for its pledge to investors.

Patently Apple posted a report on Tuesday titled "U.S. Bans American Firms from Selling Components to ZTE, Qualcomm Directly Hit".

The company - which employs 33,800 people worldwide, including about 13,000 in San Diego - has said it is looking to cut about $1 billion from its operating expenses to help boost earnings.

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 Inc.

Back in March, Trump blocked Broadcom from pursuing a hostile takeover of USA rival Qualcomm, ruling the proposed combination would imperil national security.

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