Economic Uncertainties Provoke Qualcomm To Layoff 5% Of Its Workforce
Qualcomm is planning to impact 5% of its workforce in its forthcoming quarterly results, scheduled for May 3.
"In the quarterly results company is going to announce 5 per cent layoffs across the company. This has been due to a drop in sales and the ongoing tech slowdown, while all players were cutting jobs globally, Qualcomm was assessing the situation and its strengths and has now made the decision," the source claimed, according to a report by a well-known publication.
Sources claim that the playoff will majorly affect the mobile division of the technology giant, with around 20 per cent of Qualcomm's mobile division employees to be laid off.
The publication also contacted Qualcomm to request official confirmation and a statement regarding the matter. The company replied to the inquiries and shared a statement made by its CEO, Cristiano Amon, during the earnings call in February 2023.
"Given the current macroeconomic and demand environment, we're implementing further spending reductions and streamlining operations without losing sight of the significant growth and diversification opportunities ahead. This is consistent with our commitment to actively manage operating expenses as indicated during our last earnings call. Combined with the actions we have already taken in the quarter, we expect to reduce non-GAAP operating expenses by approximately 5 per cent relative to a run rate exiting fiscal '22," Qualcomm's CEO said.
