Employees who have lost their job will be given severance packages, which would help help sustaining in the jobless period.
Qualcomm Inc. has begun cutting jobs as part of the chipmaker's promise to investors to reduce costs by $1 billion, according to people familiar with the process. However, Qualcomm eventually came to the conclusion that long-term growth required a reduction in the workforce.
As reported by Reuters, a spokesperson for the U.S. chipmaker said on Wednesday that "Qualcomm is conducting a reduction of our full-time and temporary workforce".
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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. As Bloomberg notes, back in 2015, Qualcomm also laid off "thousands" of employees as part of an internal restructuring plan prompted by one of the company's more outspoken investors.
The smartphone-chip maker pledged in January that it would slash $1 billion in expenses to improve earnings, part of its efforts to fight off a hostile takeover bid from rival Broadcom Inc. Subsequently, Apple sued Qualcomm for $1 billion, leading to a drawn out legal skirmish. The fight seemed destined to continue, but US President Trump stepped in and prevented the merger on the grounds of national security.
In January the European Union commission approved Qualcomm's acquisition of NXP.