Qualcomm cutting 1,500 jobs at its California offices

By: |
Published: April 20, 2018 4:21:09 AM

Chipmaker Qualcomm Inc is cutting 1,500 jobs across multiple divisions at its offices in California, as part of its promise to investors to cut annual costs by $1 billion.

Qualcomm, Qualcomm jobs, California, San Diego office, California offices, Trump administrationThe company, which has about 33,800 employees as of Sept.24, informed about its job cut plans in California in a regulatory notice that was filed with the state on April 18. (Reuters)

Chipmaker Qualcomm Inc is cutting 1,500 jobs across multiple divisions at its offices in California, as part of its promise to investors to cut annual costs by $1 billion. The company, which has about 33,800 employees as of Sept.24, informed about its job cut plans in California in a regulatory notice that was filed with the state on April 18.

Qualcomm said it plans to cut 1,231 jobs in its San Diego office and 269 from its San Jose and Santa Clara offices in the state. Though the company first considered cost reductions without layoffs, it concluded that job cuts are needed to support long-term growth and success, a Qualcomm spokesperson said on Wednesday.

Qualcomm had in January said it would implement a series of targeted reductions across businesses, as part of its attempt to win over investors support against a hostile bid from rival Broadcom Inc. The bid, however, was canceled by the Trump administration on national security grounds.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.