Qualcomm begins layoffs to lower costs by $1 billion

UPDATE 1-Qualcomm begins layoffs as part of cost cuts - Bbg

We recognize this and have offered affected employees supportive severance packages to reduce the impact of this transition on them.

The job cuts locally are significant - almost matching the 1,315 workers laid off in San Diego during Qualcomm's last major restructuring in early 2015.

As part of the cost reduction plan announced in January, Qualcomm is conducting a reduction of our full-time and temporary workforce.

Further, during the company's 2017 fiscal year, it added around 3,300 of those roles.

Meanwhile, reports also pointed out that the layoffs by the chipmaker come just weeks after U.S. President Donald Trump issued an executive order preventing Broadcom, a Singapore-based competitor, from acquiring Qualcomm.

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The company - which employs 33,800 people worldwide, including about 13,000 in San Diego - has said it is looking to cut about $1 billion from its operating expenses to help boost earnings.

The move comes after a promise to investors to lower costs by $1 billion and a hostile takeover bid from rival Broadcom.

That's according to Bloomberg, which has received word of the job cuts, which will affect more than four per cent of the firm's 34,000-strong workforce, from people "familiar with the process".

The exact scope of the layoffs should become more clear in coming days as the chipmaker files the Worker Adjustment and Retraining Notification notices it's obligated to issue under California law. Qualcomm has other major locations in the state, including San Jose.

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