Qualcomm reportedly begins layoffs to cut $1B in costs
Qualcomm Inc. announced Wednesday they would be cutting jobs as part of a promise to cut annual costs by $1 billion.
"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.
In California, a layoff of more than 50 workers would require Qualcomm to file a WARN notice with the state, letting workers know that cuts are coming well ahead of taking any action. The move came as part of the company's plan to reduce its broadened workforce and it was decided during a meeting with investors that Qualcomm's main mission would be to increase revenue and reduce total overheads.
The layoffs come just weeks after an agressive acquisition offer put Qualcomm's business on the global stage.
Align Technology Inc (NASDAQ:ALGN) Sellers Decreased By 10.19% Their Shorts
One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. In related news, VP Emory Wright sold 45,780 shares of Align Technology stock in a transaction on Friday, February 2nd.
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Qualcomm is treading on iffy ground with investors following the dissolution of Broadcom's bid to acquire the chipmaker.
The cellular technology giant employs about 13,000 workers in San Diego and 33,800 globally.
The chipmaker has been ramping up its operations since then to improve earnings growth.
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