Published • loading... • Updated
Qualcomm to cut jobs worldwide in performance-focused layoffs, internal memo shows: Reuters
CEO Cristiano Amon said the cuts aim to build a stronger performance culture as Qualcomm faces weaker demand and slower Apple-related revenue.
- CEO Cristiano Amon announced Qualcomm will cut jobs globally in a "performance-focused reduction" following annual employee reviews, with staff notifications beginning in November.
- The company aims to build "a stronger performance culture" and address staff who "has consistently fallen short of expectations," Amon said, amid a slump in consumer electronics demand this year.
- Following earlier cuts, Qualcomm booked $97m in restructuring charges this year after filing notices for about 105 job cuts in San Diego, California, according to LayoffNext data compiled in April.
- Shares of the chipmaker are up about 1.5% this year, trailing the Philadelphia Semiconductor Index which gained nearly 60%, while the stock fell about 1 per cent in premarket trading on Tuesday.
- Targeting $5bn in data centre revenue by fiscal 2027, Qualcomm is expanding into AI chips to offset declining revenue from Apple products, expecting most sales from non-smartphone businesses.
Insights by Ground AI
16 Articles
16 Articles
Qualcomm layoffs: Global job cuts coming in November as CEO pushes tougher performance standards
Qualcomm CEO Cristiano Amon told staff that global layoffs will follow annual performance reviews, with notifications beginning in November. The chipmaker has not disclosed how many jobs will go.
·Mumbai, India
Read Full Article
Qualcomm to cut jobs worldwide in performance-focused layoffs, internal memo shows: Reuters reports
Qualcomm will begin notifying employees of job cuts in November as a part of its annual reviews. CEO Cristiano Amon mentioned the aim is to enhance the company's performance culture. The company faces challenges due to declining consumer electronics sales and soaring memory prices impacting demand. Qualcomm forecasts a shift in revenue sources towards non-handset businesses in the coming years.
·India
Read Full Article
Coverage Details
Total News Sources16
Leaning Left1Leaning Right5Center4Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
C 40%
R 50%
Factuality
To view factuality data please Upgrade to Premium
