Qualcomm To Cut Over 1200 Jobs Amid Restructuring Plans
Qualcomm is planning to lay off hundreds of employees. The layoffs will take place in December of this year, according to the corporation. Qualcomm stated in recent filings with the California Employment Development Department that the layoffs will affect about 1,064 San Diego-based employees and 194 Santa Clara-based employees. This is around 2.5 per cent of their overall workforce.
According to CNBC, Qualcomm will begin layoffs in both locations on 13 December. Importantly, the company emphasised that neither of these facilities would be closed, ensuring the surrounding communities.
In response to media questions about the move, Qualcomm pointed to its most recent quarterly earnings report, which forecasted personnel reductions and restructuring expenditures. The company said, "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 still developing our plans, we currently anticipate that these actions will primarily consist of workforce reductions.”
As of now, it is unknown whether the corporation will compensate employees who are asked to quit the organisation. Since last year, the majority of the IT companies that cut off thousands of people have provided severance pay to those affected.
