According to sources US Chip maker Qualcomm had started to cut jobs to meet the company's promise to investors to cut costs by $1 billion. Meanwhile the San Diego-based wireless giant had plan to trim 1,231 jobs in San Diego and 269 at its offices in San Jose and Santa Clara in mid-June, Xinhua reported. Sources added that the company will be offering severance payments to those affected.
Accordingly a company spokesperson was quoted as saying that this move, a reduction of full-time and temporary workforce, is a part of the cost reduction plan announced in January, and the company found it is necessary to support long-term growth and success after evaluated other plans.
As per report from San Diego Business Journal, Qualcomm filed a Worker
Adjustment and Retraining Notification (WARN) notice with the state of
California on Thursday stating 1,500 employees in the state will be terminated
on or about June 19, 2018. Earlier the Donald Trump administration blocked
Broadcom's buyout on national security grounds, but Qualcomm investors were
frustrated by its lagging share price and poor financial performance relative
to its semiconductor peers.
