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SAN DIEGO, CA - October 16, 2023 - Qualcomm, a leading semiconductor and telecommunications equipment company, has announced plans to lay off 1,258 employees, representing approximately 2.5% of its global workforce. The layoffs are expected to take effect in December 2023 and will primarily impact employees in the company's San Diego and Santa Clara offices.
According to filings with the California Employment Development Department, the majority of the affected positions are in engineering, with over 750 roles being eliminated. Other impacted departments include accounting, human resources, and finance.
Qualcomm attributed the layoffs to "current business conditions and the need to align its resources with its current business objectives." The company has been facing challenges in recent months due to a slowdown in the smartphone market and ongoing economic uncertainty.
"We are taking these steps to ensure that we are appropriately structured for the current business environment and to position Qualcomm for long-term growth," said a Qualcomm spokesperson. "We are committed to treating all affected employees with respect and providing them with the resources they need during this difficult time."
The company has not yet announced specific details about severance packages or outplacement services for affected employees.
The layoffs come as a blow to Qualcomm, which has been a major player in the semiconductor industry for decades. The company is known for its Snapdragon processors, which are used in many of the world's most popular smartphones.
Qualcomm's announcement is the latest in a series of job cuts in the tech industry. In recent months, companies such as Meta, Twitter, and Netflix have all announced layoffs as they grapple with economic headwinds and shifting consumer trends. (sources)