Unfortunately for majority, this includes cutting jobs to bring more money back into the company. Most of these layoffs will take place in California, but Bloomberg reports that there will be some losses in other locations.
"A workforce reduction such as this one affects not only those employees who are part of the reduction but their families, co-workers and the community", a Qualcomm spokesperson said in a statement Wednesday. Besides, the company is also offering packages to the employees involved in the layoffs.
The exact scope of the layoffs should become more clear in coming days as the chipmaker files the Worker Adjustment and Retraining Notification notices it's obligated to issue under California law.
KitGuru Says: Qualcomm has been having a rough time lately, with various anti-trust lawsuits in play, Hopefully those affected by these job cuts end up landing on their feet.More news: Kourtney Kardashian Celebrates 39th Birthday
More news: Judge who gave Mecca Masjid blast verdict resigns
More news: Angels hopeful Ohtani (blister) makes next start
The company, which was recently in the news for its failed takeover by Singapore-headquartered Broadcom, is reportedly slashing thousands of jobs in an effort to sustain growth in its operations, it has confirmed to various media outlets.
Qualcomm, the world's largest maker of chips and processors for phones, said in January it would reduce expenses by $1 billion to improve earnings to rally investor support against a hostile takeover bid from rival Broadcom.
The chipmaker had said in January that it is aiming to save almost $1 billion in costs when it risked a hostile takeover from Broadcom. 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.