Qualcomm Plans 15% Layoffs

Amid cellular slump, 4,700 may lose jobs

by Jessica Lipsky, EETimes, Jul. 22, 2015 – 

NEW YORK -- Qualcomm will lay off 15% of it employees, an estimated 4,700 people, as part of a restructuring plan that may include spinning off non-strategic parts of the company. The mobile giant announced the plan to cut $1.4 billion in annual costs by 2016 along with its quarterly results which were down significantly but in line with expectations.

Revenues for Qualcomm's fiscal third quarter were $5.8 billion, down $1 billion year-over-year and $1.1 billion sequentially. Net profit was down a whopping 47% from the prior year to $1.2 billion.

 Back