Qualcomm Implements Job Cuts Amid Challenging Market Conditions

Qualcomm job cuts: Company says, "as part of a normal course of business, ..." - Times of India

Chipmaker Qualcomm announced plans to lay off 226 employees at its San Diego facilities, effective November 12, according to a California WARN notice published this week. The layoffs will impact workers across 16 locations in San Diego, including the company's headquarters. The San Diego Union-Tribune first reported on the layoffs. The announcement comes less than a year after Qualcomm cut over 1,250 jobs in 2023.The company, known for producing smartphone chips, has not specified which departments will be affected by the latest round of layoffs. Qualcomm spokesperson Kristin Stiles stated, "As part of a normal course of business, we prioritise and align our investments, resources, and talent to ensure we are optimally positioned to take advantage of the unprecedented diversification opportunities in front of us," to TechCrunch. Despite the job cuts, Qualcomm reported strong financial performance in 2023, with annual revenue of $35.8 billion. CEO Cristiano Amon received $23.5 million in total executive compensation during the same period. The company's decision to reduce its workforce comes amid ongoing challenges in the tech industry, including market volatility and increased competition. Qualcomm has been working to diversify its product portfolio beyond smartphone chips, exploring opportunities in automotive and Internet of Things (IoT) technologies. While Qualcomm declined to provide specifics on which teams would be impacted, the layoffs affect multiple facilities with various specialisations, including cybersecurity operations at the company's headquarters. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.

Qualcomm To Layoff Hundreds of Employees Amid "Diversification Strategy", Business Operations To Continue As Normal

Chip manufacturer Qualcomm is expected to layoff additional employees later this year as the firm undergoes a "strategic shift" in business and resources. The tech industry is experiencing a difficult time regarding financial performance, especially since the global markets are currently positioned in such a way and consumer interest isn't in the best of places. This has ultimately promoted companies like Qualcomm to initiate layoffs across the board, affecting all divisions, and according to a California WARN notice published this week (via TechCrunch), the chipmaker Qualcomm is set to let go 226 workers in San Diego, which includes personnel from the company's headquarters as well. It is said that the layoff will affect 16 different facilities across San Diego, but the firm hasn't revealed the exact divisions affected. This year alone, the firm has laid off more than 1,250 workers as part of its restructuring policy despite recording a massive YoY revenue back in 2023. Here's is what the company has stated in response to the layoff decision: Our leading technology and product portfolio has positioned us to execute on our diversification strategy. As part of a normal course of business, we prioritize and align our investments, resources, and talent to ensure we are optimally positioned to take advantage of the unprecedented diversification opportunities in front of us. - Qualcomm spokesperson Kristin Stiles Qualcomm is making decent progress when it comes to the newly tapped laptop markets since its ARM-based Snapdragon X Elite SoCs are witnessing decent adoption from manufacturers, mainly due to the AI capabilities they feature onboard. Apart from this, the firm is said to be preparing more "affordable" laptop models to cater to the larger portion of the markets, expected to be as low as $700, according to the CEO Cristiano Amon. Not only this, but Qualcomm is looking to get more competitive in the industry, as it was rumored previously that the firm might acquire elements of Intel's chip business, which shows that the firm is indeed "striving" for more success, but the recent layoffs are indeed a setback for Qualcomm, and people involved with them.