Qualcomm Slashes Jobs As It Looks To Stem Costs

The logo of Qualcomm is seen during the Mobile World Congress in Barcelona

The company filings show that as of September 2017, Qualcomm had 33,800 employees, in both full and part time positions. Besides, the company is also offering packages to the employees involved in the layoffs.

Qualcomm Inc. has begun cutting about 1,500 jobs in California as part of a broader workforce reduction aimed at meeting a commitment to investors to pare costs by $1 billion, according to people familiar with the process.

The precise number of layoffs anticipated for each of Qualcomm's offices wasn't specified in today's report, however they certainly wouldn't be the first of the chip-maker's large-scale workforce reductions.

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.

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"A workforce reduction such as this one affects not only those employees who are part of the reduction but their families, co-workers and the community", a Qualcomm spokesperson said in a statement Wednesday.

This comes after Broadcom's attempt of a hostile takeover of the company.

The chipmaker has been ramping up its operations since then to improve earnings growth. Trump government, however, later cancelled the bid citing national security grounds. The losses were mainly due to a $6 billion charge caused by United States tax reform, and a $1.2 billion charge imposed by the European Commission. Qualcomm has other major locations in the state, including San Jose.

In January the European Union commission approved Qualcomm's acquisition of NXP.

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