Qualcomm begins layoffs as part of promise to cut annual costs by $1 billion
SAN DIEGO (KUSI) — Qualcomm Inc. announced Wednesday they would be cutting jobs as part of a promise to cut annual costs by $1 billion.
“As part of the cost reduction plan announced in January, Qualcomm is conducting a reduction of our full-time and temporary workforce,” Qualcomm said in a statement.
According to Business Insider, the layoffs could ultimately affect as many as 1,000 jobs, though Qualcomm has not confirmed a total.
“We first evaluated non-headcount expense reductions, but we concluded that a workforce reduction is needed to support long-term growth and success, which will ultimately benefit all our stakeholders,” the company said.
According to Reuters, Qualcomm said it offered a severance package to employees affected by the layoffs. It employed about 33,800 full-time, part-time and temporary employees, as of Sept 24.