Qualcomm, a major global microchip manufacturer, is reducing its workforce. The company, headquartered in San Diego, California, is planning to cut approximately 1,258 positions in California, as per a filing with the California Employment Development Department.
This reduction will affect employees in various roles, from engineers to legal counsel to human resources, based in both San Diego and Santa Clara, and it is scheduled to take place around December 13th.
Qualcomm is Set to Cut Over 1,200 Jobs in California
The layoff announcement follows the company’s recent deal with Apple to supply 5G chips until at least 2026. Additionally, Qualcomm is the chip supplier for the newly revealed Meta Quest 3.
However, in an August call with analysts, Chief Financial Officer Akash Palkhiwala cautioned that the company would proactively implement cost-cutting measures due to declining revenue.
In our dedication to operational efficiency, Palkhiwala stated during the August call, “We will take proactive steps to enforce further cost-saving measures. Our operating approach doesn’t anticipate an immediate recovery until we witness consistent signs of improving fundamentals.