As a part of its strategy to cut costs and increase earnings, Qualcomm has started to cut around 1,500 jobs.
Though a handful of positions will be eliminated from other locations, including some of the firm's worldwide offices, the majority of layoffs will reportedly affect Qualcomm's California-based employees in San Diego and San Jose, according to the sources. So far, it hasn't filed a layoff notice under the state Worker Adjustment and Retraining Notification (WARN) Act, which requires 60 day heads up of mass job cuts.
Though the company first evaluated non-headcount expense reductions, it concluded that a workforce reduction is needed to support long-term growth and success, the spokesperson said.
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A piece of the engine covering was later found in Bernville, Pa., about 112 kilometres west of Philadelphia , Sumwalt said. In a news conference, NTSB chairman Robert Sumwalt said one of the engine's fan blades was separated and missing.
A person familiar with the situation told Bloomberg that these layoffs represented majority of the cuts that the company would be making, though there may be more layoffs in other departments. It employed about 33,800 full-time, part-time and temporary employees, as of Sept 24.
Qualcomm had set the cost-savings goal during its battle with rival chipmaker Broadcom Ltd., which made an unwanted $117-billion buyout offer for Qualcomm.
Despite Broadcom's failure to acquire Qualcomm, the chip maker is still accountable for its pledge to investors.
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On Friday, September 25 the stock rating was maintained by Canaccord Genuity with "Hold". (NYSE:NKE) rating on Friday, March 23. Capossela sold 3,500 shares of the firm's stock in a transaction on Tuesday, February 20th. $6.77 million worth of NIKE, Inc.
In January the European Union commission approved Qualcomm's acquisition of NXP.
As Qualcomm continues in its NXP acquisition attempt, the company is also researching and developing hardware for next-generation technologies.
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