Qualcomm job cuts stand at 1,500 in California, more elsewhere
Updating yesterday’s story on Qualcomm’s announced job cuts, sources to Bloomberg now say that 1,500 positions will be let go in the company’s California offices with others set to be laid off elsewhere.
The company itself has not provided specific numbers. The company last reported in September that it had 33,800 employees, so the move would represent a minimum staff cut of 4 percent — the number may be verified once Worker Adjustment and Retraining Notifications are filed to the state of California. It last cut 1,000 positions in 2015.
Qualcomm had gotten tepid investor support following the mandated collapse of Broadcom’s acquisition offer for the competing chipmaker. It has since responded by doubling down on current revenue streams and has targeted the elimination of $1 billion in annual costs.