Qualcomm to Lay Off Over 1,200 Employees
If there’s anything we’ve learned in the past couple of years, it’s that even the largest tech companies aren’t immune to making big, cost-cutting adjustments which unfortunately results in the loss of livelihood. As such, Qualcomm recently announced that it was axing over 1,200 employees due to considerable market slowdowns, amounting to around 2.5% of its work force.
More specifically, 1,064 personnel from the company’s San Diego headquarters will be terminated, while 194 more from the Santa Clara offices will be let go. Based on information available online, employees will vacate their posts around mid-December, which will then be followed by restructuring.
As per a statement made by the company to the press:
“Given the continued uncertainty in the macroeconomic and demand environment, we expect to take additional restructuring actions to enable continued investments in key growth and diversification opportunities.
While we are in the process of developing our plans, we currently expect these actions to consist largely of workforce reductions, and in connection with any such actions we would expect to incur significant additional restructuring charges, a substantial portion of which we expect to incur in the fourth quarter of fiscal 2023. We currently anticipate these additional actions to be substantially completed in the first half of fiscal 2024.”
Qualcomm is the latest in a long line of companies who have laid off a sizeable number of employees – this list includes big names such as Google, Spotify, Roku, Meta, and Twitter.
Source: CNBC