Qualcomm is axing 1500 staff in a bid to save $1bn

The logo of Qualcomm is seen during the Mobile World Congress in Barcelona

Qualcomm is seen during the Mobile World Congress in Barcelona Spain

Qualcomm, a leading provider of chips for mobile phones, did not specify the number of employees being let go but said the cuts included permanent and temporary workers. Besides, the company is also offering packages to the employees involved in the layoffs.

In a bid to reduce its spending by $1 billion, to fulfill a promise made to shareholders by management, Qualcomm is reportedly laying off as many as 1,000 employees. Chipmaker Qualcomm Inc. began layoffs on Wednesday to help boost profit. Unfortunately for majority, this includes cutting jobs to bring more money back into the company.

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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.

Qualcomm had in January said it would implement a series of targeted reductions across businesses to save $1 billion in annual costs, as part of its attempt to win over investors support against a hostile bid from rival Broadcom Inc.

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"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", Qualcomm said in the statement. The fight seemed destined to continue, but US President Trump stepped in and prevented the merger on the grounds of national security. Subsequently, Apple sued Qualcomm for $1 billion, leading to a drawn out legal skirmish. The chipmaker has been streamlining its operations since then to improve revenue of the company.

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