Business
Qualcomm to start global layoff notices in November
Business Standard·
Qualcomm will cut jobs worldwide in a performance-focused reduction after annual reviews, CEO Cristiano Amon told staff in a Monday memo reviewed by Reuters. Notifications begin in November. The memo did not say how many jobs would go. Qualcomm had about 52,000 employees globally as of September last year. Amon said some results fell short of expectations.
Prism
What It Means For You
- Affected Qualcomm staff are due to be notified from November.
- Headcount impact was not disclosed in the memo Reuters reviewed.
- Amon said business priorities, skills and expertise will guide who is cut.
What's Happening
- Qualcomm did not immediately respond to a request for comment.
- The chipmaker has faced weaker consumer electronics demand and high memory prices.
- Its shares were down about 1 percent in premarket trading on Tuesday.
The Business Shift
- In late July earnings, Qualcomm forecast profit below estimates and faster declines in Apple product revenue.
- It expects most chip sales to come from non-smartphone businesses by financial year 2027.
- Shares were up just 1.5 percent in 2026 versus stronger gains for the S&P 500 and semiconductor peers.
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