Qualcomm Announces Workforce Reductions
Qualcomm has confirmed it will implement an unspecified number of job cuts following its recent annual employee performance reviews.
Qualcomm has confirmed it will implement an unspecified number of job cuts following its recent annual employee performance reviews. The company stated that it will formally notify affected personnel of the transition in November.
CEO Cristiano Amon issued a memorandum explaining that the reductions are part of a strategic plan to foster a more robust performance culture and address divisions that have consistently failed to meet internal expectations. The memo did not provide a specific figure regarding the total number of layoffs. Qualcomm currently employs approximately 52,000 individuals worldwide, the majority of whom are full-time staff.
While Amon has actively sought to diversify the company’s product portfolio beyond mobile processors, Qualcomm continues to contend with the impact of a global memory supply shortage. For the fiscal third quarter ending June 28, the company recorded revenue of $9.9 billion, representing a 4% decline from the $10.4 billion reported a year earlier. Net income for the period fell to $2 billion, a 25% year-on-year decrease.
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