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Qualcomm begins cutting jobs as part of its promise to cut annual costs by $1 billion
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  • Qualcomm begins cutting jobs as part of its promise to cut annual costs by $1 billion

Qualcomm begins cutting jobs as part of its promise to cut annual costs by $1 billion

Reuters • April 19, 2018, 09:18:16 IST
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Qualcomm had employed about 33,800 full-time, part-time and temporary employees, as of 24 September.

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Qualcomm begins cutting jobs as part of its promise to cut annual costs by $1 billion

**Qualcomm Inc** has begun cutting jobs as part of its promise to investors to cut annual costs by $1 billion, the chipmaker said on Wednesday. [caption id=“attachment_3972731” align=“alignleft” width=“380”]Qualcomm. Reuters. Qualcomm. Reuters.[/caption] “Qualcomm is conducting a reduction of our full-time and temporary workforce,” a company spokesperson who declined to be identified said, without disclosing the exact numbers of job cuts. 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. Qualcomm said it offered affected employees severance packages. It employed about 33,800 full-time, part-time and temporary employees, as of 24 September. Bloomberg, which first reported the layoffs, said the size of the job cuts is large enough that Qualcomm will have to file a WARN notice, or Worker Adjustment and Retraining Notification, with the state of California. 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. The bid, however, was cancelled by the Trump administration on national security grounds. The chipmaker has been ramping up its operations since then to improve earnings growth.

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