Qualcomm Slashes Jobs As It Looks To Stem Costs

Steve Mollenkopf Qualcomm CEO speaks during his keynote address at CES in Las Vegas U.S

They are part of a company plan to cut $1 billion in operating costs. If Qualcomm is reportedly cutting jobs of 1,000 workers, it would affect about 3% of the global workforce of the company.

A person familiar with the situation told Bloomberg that these layoffs represented majority of the cuts that the company would be making, though there may be more layoffs in other departments. Those affected will get a 60-day notice, in addition to severance payments.

The pledge was made in a letter to investors as the company's board of directors battled a hostile takeover attempt by Broadcom.

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.

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

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The deal was called off after Trump issued an executive order preventing Broadcom from buying Qualcomm on the grounds of national security.

The move has come, amid Qualcomm's ongoing battle with Apple which started a year ago after a complaint from the FTC stating that Qualcomm was pushing Apple to use its baseband chips at higher royalties.

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

The job cuts locally are significant - almost matching the 1,315 workers laid off in San Diego during Qualcomm's last major restructuring in early 2015.

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