Qualcomm to lay off a reported 1500 workers in $1B cost-cutting push

Qualcomm to lay off a reported 1500 workers in $1B cost-cutting push

A new report from Bloomberg this afternoon says that Qualcomm is cutting its workforce as part of "cost reductions". If Qualcomm is reportedly cutting jobs of 1,000 workers, it would affect about 3% of the global workforce of the company. The majority of redundancies are expected to take place in California, but may also impact other locations.

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

The cellular technology company revealed the size of the mass layoff through required Worker Adjustment and Re-Training Act (WARN) notices.

The chipmaker had said in January that it is aiming to save almost $1 billion in costs when it risked a hostile takeover from Broadcom.

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Qualcomm employs an estimated 34,000 full-time personnel globally, who work out of the firm's 177 worldwide offices.

The company said it initially evaluated cost cuts that would have avoided layoffs, "but we concluded that a workforce reduction is needed to support long-term growth and success, which will ultimately benefit all of our stakeholders".

Today, Qualcomm will start the process of laying off around 1,500 workers in California. The fight seemed destined to continue, but US President Trump stepped in and prevented the merger on the grounds of national security.

Qualcomm, the world's largest maker of chips and processors for phones, said in January it would reduce expenses by $1 billion to improve earnings to rally investor support against a hostile takeover bid from rival Broadcom.

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