Qualcomm announces 60-day layoff notice for more than 1,300 employees
SAN DIEGO (KUSI) – Qualcomm officials were unavailable for comment Thursday amid multiple reports the tech giant had issued 60-day layoff notices to more than 1,300 San Diego-based employees.
The San Diego-based maker of mobile device technology announced in July that it would cut 15 percent of its estimated 30,000-member global workforce because of a massive drop in revenue and net income.
Executives are rumored to be studying whether to break up the corporation.
The San Diego Union-Tribune reported that Qualcomm said the 1,314 notices issued in San Diego would constitute the bulk of the local layoffs.
In July, CEO Steve Mollenkopf said Qualcomm was "making fundamental changes” to the company and "right-sizing our cost structure.”
Third quarter net income, announced in July, of $1.2 billion was 47 percent lower than the same period last year. Revenue of $5.8 billion was a drop of 14 percent.
The company said its review of the corporate structure would be completed by the end of this year.