After just recently managing to dodge a hostile takeover, Qualcomm is looking to cut costs, with plans to let go of 1,500 staff members. A while back, Qualcomm’s board promised investors that it would save $1 billion in operating costs this year, the layoffs are supposed to help the board meet that promise.
As reported by Bloomberg, the bulk of the job losses will affect those working at Qualcomm’s California campus. However, some cuts will also be made elsewhere. Currently, Qualcomm has around 33,800 staff members spread across the globe.
In a statement, a Qualcomm spokesperson said that the board “first evaluated non-headcount expense reductions” but ultimately concluded that cutting staff would lead to “long-term growth and success”.
This stems from Qualcomm’s pledge to improve earnings, which was made back in January. The company wanted to cut expenses by $1 billion in order to improve its profit margin. Those affected will get a 60-day notice, in addition to severance payments.
KitGuru Says: Qualcomm has been having a rough time lately, with various anti-trust lawsuits in play, Hopefully those affected by these job cuts end up landing on their feet.