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This move comes as Qualcomm navigates a challenging financial landscape. The company has recently secured notable partnerships, including a 5G chip supply agreement with Apple (NASDAQ:AAPL) extending to at least 2026, and serving as the chip provider for Meta (NASDAQ:META) Quest 3. Despite these alliances, the company has experienced declining revenues.
Qualcomm’s CFO Akash Palkhiwala had previously hinted at implementing cost-saving measures to improve the company’s financial situation. Palkhiwala emphasized that Qualcomm will continue to enact additional cost-cutting actions until there is a substantial recovery in their financial standing.
The layoffs are scheduled to take effect on December 13th, as disclosed in a filing with the California Employment Development Department. This sweeping workforce reduction follows a similar trend in the tech industry. Microsoft-owned LinkedIn also announced that it is cutting 668 roles from its Sunnyvale-based engineering, product, talent, and finance teams as part of a strategic restructuring.
Despite the current challenges, Qualcomm remains a prominent player in the Semiconductors & Semiconductor Equipment industry, as highlighted by InvestingPro Tips.
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