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Qualcomm Begins Cutting Jobs to Meet Pledge to Slash Costs
20 April 2018, 12:52 | Clyde Nash
Qualcomm headquarters in San Diego
In an emailed statement, the tech company had confirmed that both full-time and part-time workers are going to be laid off in the latest move. Besides, the company is also offering packages to the employees involved in the layoffs.
However, the company would not disclose how many employees will be affected.
Qualcomm Inc. has begun notifying workers of layoffs at the same time the San Diego chipmaker's $44-billion bid to acquire NXP Semiconductors is running into problems getting antitrust clearance from China. Unfortunately for majority, this includes cutting jobs to bring more money back into the company.
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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 part of the cost reduction plan announced in January, Qualcomm is conducting a reduction of our full-time and temporary workforce", a Qualcomm spokesman said.
It has not been mentioned how many people will be asked to go but according to reports it will be a massive layoff and Qualcomm will have to file Worker Adjustment and Retraining Notification ( WARN) with the state of California. Shareholders were set to ignore that promise and support the acquisition offer, until the Trump administration disqualified the deal on the grounds that it would pose a national-security risk.
The chipmaker has been ramping up its operations since then to improve earnings growth.
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